PayTabs has partnered with Fintech Galaxy in a collaboration that aims to provide data consolidation and fast payment initiation services using PayTabs payment orchestration platform. The service will initially be rolled out in the Kingdom of Saudi Arabia and the United Arab Emirates and subsequently expand to other MENA markets. 

This partnership combines PayTabs payment orchestration infrastructure with Fintech Galaxy’s Open Banking capabilities to deliver solutions for SME’s and enterprises, including streamlined account verification, swift payouts, and point-of-sale lending. PayTabs offers an expansive ecosystem with unique capabilities and global outreach, inviting fintech and financial institutions to tap into open banking’s potential. Integrating into PayTabs’ orchestration platform unlocks access to its infrastructure, a comprehensive suite featuring a versatile payment gateway, premium merchant management, efficient EFT switch, middleware, and a unified API Gateway for seamless transactions. The platform is designed for exponential growth without breaking the bank on setup costs.

Fintech Galaxy leverages its FINX platform

Fintech Galaxy, licensed by the Central Bank of Bahrain and certified by Saudi Payments, leverages its robust FINX platform for top-notch security, regulatory compliance, and user-friendly Open Banking capabilities. Teaming up with PayTabs, the primary focus lies in securely verifying accounts during merchant onboarding, ensuring regulatory adherence and user safety. This collaboration aims to streamline processes, delivering a seamless user experience as Open Banking regulations evolve in the region.

The deal’s emphasis will be on account verification and account-to-account payments. Leveraging FINX grants PayTabs instant access to customer account behaviour through a single API, ensuring updated and precise information crucial for facilitating immediate lending for businesses. This strategic move broadens PayTabs’ capacity to serve the businesses with digital payments, payment orchestration, and digital lending capabilities.

PayTabs Group CEO and founder, Abdulaziz Al Jouf said: “Through this partnership, PayTabs is taking a pivotal stride by leading in regulatory compliance while offering inventive payment solutions to our merchants and tailored orchestration services to enterprises. Our enthusiasm is high as we tap into FINX, Fintech Galaxy’s Open Banking platform, streamlining payouts and delving into POS-based lending. Our collaboration centres on a joint pursuit of excellence, and we’re excited about extending our reach to other thriving markets in the MENA region.”

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By GlobalData