Spire joins Mastercard to popularise open banking in the Gulf

open banking
open banking

Open banking service provider Spire has announced a collaboration with Mastercard to improve the consumer experience in the Gulf.

The partnership will see Spire integrating Mastercard’s ‘Merchant Identifier’ solution into its ‘Ingage’ platform. Utilising AI, Ingage is aimed at retail banking customers in the Gulf Cooperation Council (GCC) region and provides smart budgeting and saving capabilities, smart lending, bill management, as well as real-time financial reminders.

“Our promise is to enable a connected, simplified, and convenient financial lifestyle and experience for the 65 million GCC consumers,” commented Aamir Janjua, Group CPO at Spire. 

“Ingage helps banks to offer personalised financial services and insights to their customers to better manage their financial lives. We are excited to partner with Mastercard to provide simple, transparent and meaningful transactional insights to banks and their customers.”

Merchant Identifier will expand the capabilities of Ingage, offering merchant data segregation into multiple categories that are separated for added convenience.

This way, customers will receive a full overview of their transactional activities, while banks will be spared additional enquiries that users can answer themselves by taking a look at their payment history.

Adam Jones, Country General Manager, MENA Central, Mastercard, added: “Continuously simplifying the digital journey for consumers through innovation and collaboration is something we are committed to. 

“Our partnership with Spire is a testament to this commitment. Cardholders can look forward to greater transparency with transactions enabling enhanced financial management. 

“Together with our partners, we will continue evolving the digital economy; we are excited about the potential of Open Banking and its role in providing seamless and simple payment experiences for all.”