Fintech
Euronet and Fintech Galaxy collaborate to enhance the BaaS offering
By Gloria Methri
Today
- Africa
- Credit card as a service
- Euronet
Euronet e Fintech galaxy have partnered to improve open banking-based payment processes in the Middle East and Africa.
The partnership includes comprehensive payment processing capabilities and open banking services delivered through a new Banking as a Service (BaaS) offering for banks, FinTechs and merchants in the Middle East and Africa regions.
The offering enables faster and more secure account-based transactions and services such as Card as a Service, payment initiation, consent management, real-time payment processing, tokenization, gateways, wallets, acquisition channel management, and discovery services and fraud prevention.
Euronet and Fintech Galaxy’s all-encompassing payment solution supports various types of transactions, including BaaS, peer-to-peer transfers, bill payments and e-commerce purchases. Direct integration with consumers’ bank accounts ensures lower transaction costs and greater user convenience.
That of Euronet The advanced fraud detection system, integrated with Fintech Galaxy’s open banking solutions, represents a significant advance in the fight against financial crime. The system uses a two-tier approach: the first tier includes a rules-based module tailored for medium-sized markets. The second offers a strategic component designed for high-volume transactions.
This sophisticated model benefits from the rich transactional data available through open banking, enabling real-time analysis and early detection of potential fraud.
“Our partnership with Fintech Galaxy represents a strategic alignment with our mission to offer banking as a service, cutting-edge payments and fraud detection solutions to our customers in the Middle East and Africa,” he said Mohamed Mousa, vice president of Euronet Middle East. “We are poised to transform the region’s payments ecosystem by enhancing our processing capabilities and account-based payments for merchants and end users along with the benefits of real-time fraud detection.”
“Together, Euronet and Fintech Galaxy will build an integrated digital payments ecosystem by promoting solutions that deliver secure and seamless payment experiences,” he said Mirna Sleiman, Founder and CEO of Fintech Galaxy. “We will also leverage open banking data to improve payment processing and reduce risk.”