Fintech
Partnership between Euronet and Fintech Galaxy leads to Banking as a Service offering for banks, Fintechs and merchants in the Middle East and Africa
Euronet (NASDAQ: EEFT), a leading provider of global financial and payments technology solutions, and Fintech galaxyleader in Open Banking and financial innovation, announced a partnership focused on improving payment processes based on Open Banking.
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, safer and cheaper account-based transactions and services such as Card as a Service, payment initiation, consent management, real-time payment processing, tokenization, gateways, wallets, acquisition and discovery channel management and fraud prevention. Services.
Revolutionizing payments through Open Banking
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. This encourages participation and financial inclusion and can potentially lead to increased adoption rates of digital transactions, which are currently growing at an annual rate of more than 20% in the region.
Improve fraud detection and prevention
Euronet’s 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-layer approach:
– The first level includes a rules-based module adapted to 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.
This collaboration aims to improve financial inclusion, streamline transaction processes, reduce operational costs for businesses across various sectors, and transform the payments and financial services landscape in the Middle East and Africa.
“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, 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 Sleimann, Founder and CEO of Fintech Galaxy. “We will also leverage open banking data to improve payment processing and reduce risk.”
About Fintech Galaxy
Fintech Galaxy is a regional financial innovation company with the vision to reimagine financial services by providing a reliable and secure Open Banking and Embedded Finance infrastructure layer for integration between industry players, primarily banks, fintechs and merchants. The company’s platform, FINX, is built on international and local Open Banking standards with the best data and information security protocols, placing greater control over financial data and payments in the hands of end customers. Regulated by the Central Bank of Bahrain and compliant with the ISO/IEC 27001:2022 and SOC 2 Type 2 standard for information and data security, Fintech Galaxy was founded with the mission to move the needle in financial inclusion and currently operates in the United Arab Emirates, Bahrain, Egypt, Saudi Arabia, Lebanon and Moldova.
Find out more about www.fintech-galaxy.com
About Euronet
Starting in Central Europe in 1994 and becoming a global real-time digital and cash payments network with millions of touchpoints today, Euronet now moves money in all the ways consumers and businesses depend on. This includes money transfers, credit/debit processing, ATMs, point of sale services, branded payments, currency exchange and more. With products and services in more than 200 countries and territories delivered through its own brand and branded business segments, Euronet and its financial technologies and networks make participation in the global economy easier, faster and safer for everyone.
Euronet, a leading provider of global financial and payments technology solutions, has developed an extensive global payments network comprising 53,029 installed ATMs, approximately 713,000 EFT POS terminals and a growing portfolio of managed outsourced debit and credit card services in 67 countries; card software solutions; a prepaid processing network of approximately 808,000 POS terminals at approximately 348,000 retail locations in 63 countries; and a global money transfer network of approximately 583,000 locations serving 198 countries and territories. Euronet serves customers from its headquarters in Leawood, Kansas, USA, and from 67 offices worldwide.
For more information, visit the company’s website atwww.euronetworldwide.com