Euronet (NASDAQ: EEFT), a leading global financial technology solutions and payments provider, and Fintech Galaxy, a leader in Open Banking and financial innovation, announced a partnership focused on enhancing Open Banking-based payment processes.
The partnership includes complete 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 Eastern and African regions. The offering enables faster, more secure and cost-effective account-based transactions and services such as Card as a Service, payment initiation, consent management, real-time payment processing, tokenization, gateways, wallets, acquiring channels management and fraud detection and prevention services.
Revolutionizing Payments Through Open Banking
The Euronet and Fintech Galaxy all-encompassing payment solution supports various transaction types, including BaaS, peer-to-peer transfers, bill payments and e-commerce purchases.
Integrating directly with consumers’ bank accounts ensures lower transaction costs and enhanced user convenience. This encourages financial participation and inclusion and potentially can lead to increased adoption rates of digital transactions, which are currently growing at an annual rate of over 20% in the region.
Enhancing Fraud Detection and Prevention
Euronet’s advanced fraud detection system, integrated with Fintech Galaxy’s open banking solutions, represents a significant advancement in combating financial crime. The system utilizes a dual-layer approach:
– The first layer comprises a rules-based module tailored for mid-size 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 enhance financial inclusivity, streamline transaction processes, reduce operational costs for businesses across various sectors, and transform the landscape of payments and financial services across the Middle East and Africa.
“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,” said Mohamed Mousa, Vice President, Euronet Middle East. “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.”
“Together, Euronet and Fintech Galaxy will build an integrated digital payment ecosystem by advancing solutions that offer secure, seamless payment experiences,” said Mirna Sleiman, Founder and CEO of Fintech Galaxy. “We will also leverage open banking data to enhance payment processing and reduce risks.”
About Fintech Galaxy
Fintech Galaxy is a regional financial innovation company with a vision to re-imagine financial services by providing a reliable and secure Open Banking and Embedded Finance infrastructure layer for integration between industry players, mainly banks, fintechs and merchants. The company’s platform, FINX, is built on international and local Open Banking standards with the best-in-class data and information security protocols, placing more control of financial data and payments into the hands of end customers. Regulated by the Central Bank of Bahrain and ISO/IEC 27001:2022 and SOC 2 Type 2 compliant for Information and Data Security, Fintech Galaxy was founded with a mission to move the needle in financial inclusion and currently operates in the UAE, Bahrain, Egypt, Saudi Arabia, Lebanon, and Moldova.
Learn more at www.fintech-galaxy.com
About Euronet
Starting in Central Europe in 1994 and growing to 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 upon. 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 provided through its own brand and branded business segments, Euronet and its financial technologies and networks make participation in the global economy easier, faster and more secure for everyone.
A leading global financial technology solutions and payments provider, Euronet has developed an extensive global payment network that includes 53,029 installed ATMs, approximately 713,000 EFT POS terminals and a growing portfolio of outsourced debit and credit card services which are under management in 67 countries; card software solutions; a prepaid processing network of approximately 808,000 POS terminals at approximately 348,000 retailer locations in 63 countries; and a global money transfer network of approximately 583,000 locations serving 198 countries and territories. Euronet serves clients from its corporate headquarters in Leawood, Kansas, USA, and 67 worldwide offices.
For more information, please visit the company’s website at www.euronetworldwide.com