CBT and PaymentComponents enable payments capabilities

By Edil Corneille

Global open API banking solutions provider, Codebase Technologies (CBT), and PaymentComponents, a B2B payments and FinTech solutions provider, have entered into a strategic alliance. The objective of the collaboration is to further drive open banking in the Middle East and North Africa (MENA) region.

Regulators are implementing new open banking frameworks and initiatives across the globe. Banks and financial services providers in the MENA region are developing new ways to utilise open banking to evolve ways in which the robust use of customer data can enable more innovative products and services, thereby benefitting customers.

The collaboration between CBT and PaymentComponents will empower current and future Digibanc™ customers in the MENA region with a more expansive range of open banking components and solutions through its association with the MENA Open Banking Working Group. CBT’s strategic alliance with PaymentComponents helps with a wider range of open banking and payments APIs that include Single Euro Payments Area (SEPA), SWIFT connectivity services, and simplified operations through Account Aggregation capabilities.

Raheel Iqbal, Managing Partner & Global Product Head at Codebase Technologies said, “Codebase Technologies’ latest partnership with PaymentComponents will unlock new opportunities for our customers, owing to the combined innovations in Open Banking that we can now offer together. We are excited to embark on this partnership and will continue to keep our customers at the heart of everything we do.”

Zoe Kioustelidou, Strategic partnership manager at PaymentComponents said, “Open Banking APIs allow banks and financial institutions to enrich customer experiences and bet on new revenue streams. Collaborating with a tech pioneer such as Codebase Technologies allows us to boost our position as a comprehensive fintech solutions provider in the region. The combined strengths from Codebase and PaymentComponents will offer customers exclusive prospects that they can take to market effectively.”