Euronet, a payments and financial technology provider, has partnered with Fintech Galaxy to enhance Open Banking-based payment processes in the Middle East and Africa.
Under the agreement, comprehensive payment processing capabilities and open banking services will be provided through a new Banking as a Service (BaaS) offering tailored for banks, fintechs and merchants across the MENA region.
Mirna Sleiman, Founder and CEO of Fintech Galaxy, commented: “Together, Euronet and Fintech Galaxy will build an integrated digital payment ecosystem by advancing solutions that offer secure, seamless payment experiences. We will also leverage Open Banking data to enhance payment processing and reduce risks.”
The BaaS offering aims to enable accelerated, secure and economical account-based transactions, including services like Card as a Service, payment initiation, consent management, real-time payment processing, tokenization, gateway services, wallet solutions, management of acquiring channels and fraud detection and prevention measures.
By directly integrating with consumers’ bank accounts, the platform ensures lower transaction costs and improves user convenience. This strategic integration aims to promote financial inclusion and encourage greater adoption of digital transactions, aligning with the region’s rapid annual growth rate of over 20 per cent in digital transactions.
In terms of fraud prevention, Euronet’s integration of its advanced detection system with Fintech Galaxy’s open banking solutions represents a significant leap forward in combating financial crime.
The system employs a dual-layer approach. The first layer consists of a rules-based module specifically tailored for mid-size markets, whereas the second layer includes a strategic component designed to handle high-volume transactions effectively.
Using Open Banking, this sophisticated model benefits from the transactional data available, enabling real-time analysis and early detection of potential fraud.
Mohamed Mousa, Vice President at Euronet Middle East, said: “Our partnership with Fintech Galaxy represents a strategic alignment with our mission to bring Banking as a Service, state-of-the-art payments and fraud detection solutions to our customers in the Middle East and Africa.
“We are set to transform the region’s payment ecosystem, enhancing our processing capabilities and account-based payments for merchants and end users along with the benefits of real-time fraud detection.”
Fintech Galaxy has significantly influenced the payments landscape in the MENA region. Earlier this year, PayTabs Group partnered with Fintech Galaxy to integrate its Open Banking infrastructure, aiming to bolster adoption throughout MENA.
