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Euronet and Fintech Galaxy partner to boost BaaS offering

By Gloria Methri

June 25, 2024

  • Africa
  • Credit Card-as-a-Service
  • Euronet

Euronet, Africa, Middle East, Open Banking, Payments, Fraud Detection, FinTech, Fintech News, Debit Card ManagementEuronet and Fintech Galaxy have entered a partnership to enhance open banking-based payment processes in the Middle East and Africa.

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 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.

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.

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.

“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 of 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.”

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