Euronet and Fintech Galaxy Partnership Leads to Banking as a Service Offering for Banks, Fintechs and Merchants in the Middle East and Africa
Euronet (NASDAQ: EEFT), a number one international monetary know-how options and funds supplier, and Fintech Galaxy, a frontrunner in Open Banking and monetary innovation, introduced a partnership centered on enhancing Open Banking-based cost processes.
The partnership consists of full cost processing capabilities and open banking companies delivered by a brand new Banking as a Service (BaaS) providing for banks, fintechs and retailers within the Center Japanese and African areas. The providing allows quicker, safer and cost-effective account-based transactions and companies akin to Card as a Service, cost initiation, consent administration, real-time cost processing, tokenization, gateways, wallets, buying channels administration and fraud detection and prevention companies.
Revolutionizing Funds By Open Banking
The Euronet and Fintech Galaxy all-encompassing cost answer helps varied transaction varieties, together with BaaS, peer-to-peer transfers, invoice funds and e-commerce purchases.
Integrating instantly with customers’ financial institution accounts ensures decrease transaction prices and enhanced person comfort. This encourages monetary participation and inclusion and doubtlessly can result in elevated adoption charges of digital transactions, that are at present rising at an annual price of over 20% within the area.
Enhancing Fraud Detection and Prevention
Euronet’s superior fraud detection system, built-in with Fintech Galaxy’s open banking options, represents a major development in combating monetary crime. The system makes use of a dual-layer method:
– The primary layer includes a rules-based module tailor-made for mid-size markets.
– The second presents a strategic part designed for high-volume transactions.
This subtle mannequin advantages from the wealthy transactional knowledge accessible by open banking, enabling real-time evaluation and early detection of potential fraud.
This collaboration goals to boost monetary inclusivity, streamline transaction processes, scale back operational prices for companies throughout varied sectors, and rework the panorama of funds and monetary companies throughout the Center East and Africa.
“Our partnership with Fintech Galaxy represents a strategic alignment with our mission to deliver Banking as a Service, state-of-the-art funds and fraud detection options to our clients within the Center East and Africa,” mentioned Mohamed Mousa, Vice President, Euronet Center East. “We’re set to rework the area’s cost ecosystem, enhancing our processing capabilities and account-based funds for retailers and finish customers together with the advantages of real-time fraud detection.”
“Collectively, Euronet and Fintech Galaxy will construct an built-in digital cost ecosystem by advancing options that provide safe, seamless cost experiences,” mentioned Mirna Sleiman, Founder and CEO of Fintech Galaxy. “We can even leverage open banking knowledge to boost cost processing and scale back dangers.”
About Fintech Galaxy
Fintech Galaxy is a regional monetary innovation firm with a imaginative and prescient to re-imagine monetary companies by offering a dependable and safe Open Banking and Embedded Finance infrastructure layer for integration between business gamers, primarily banks, fintechs and retailers. The corporate’s platform, FINX, is constructed on worldwide and native Open Banking requirements with the best-in-class knowledge and knowledge safety protocols, inserting extra management of monetary knowledge and funds into the palms of finish clients. Regulated by the Central Financial institution of Bahrain and ISO/IEC 27001:2022 and SOC 2 Sort 2 compliant for Data and Information Safety, Fintech Galaxy was based with a mission to maneuver the needle in monetary inclusion and at present operates within the UAE, Bahrain, Egypt, Saudi Arabia, Lebanon, and Moldova.
Be taught extra at www.fintech-galaxy.com
About Euronet
Beginning in Central Europe in 1994 and rising to a worldwide real-time digital and money funds community with tens of millions of touchpoints at present, Euronet now strikes cash in all of the methods customers and companies rely on. This consists of cash transfers, credit score/debit processing, ATMs, point-of-sale companies, branded funds, forex change and extra. With services and products in additional than 200 nations and territories supplied by its personal model and branded enterprise segments, Euronet and its monetary applied sciences and networks make participation within the international financial system simpler, quicker and safer for everybody.
A number one international monetary know-how options and funds supplier, Euronet has developed an intensive international cost community that features 53,029 put in ATMs, roughly 713,000 EFT POS terminals and a rising portfolio of outsourced debit and bank card companies that are beneath administration in 67 nations; card software program options; a pay as you go processing community of roughly 808,000 POS terminals at roughly 348,000 retailer places in 63 nations; and a worldwide cash switch community of roughly 583,000 places serving 198 nations and territories. Euronet serves purchasers from its company headquarters in Leawood, Kansas, USA, and 67 worldwide workplaces.
For extra data, please go to the corporate’s web site at www.euronetworldwide.com
