MoneyHash and Spare have formed a partnership to help merchants in the UAE introduce Pay by Bank solutions. This collaboration aims to lower costs, decrease settlement times, and enhance customer experiences.
To achieve its objectives of expanding payment technology options within the UAE’s digital economy, MoneyHash is focusing on providing a range of payment methods that offer improved cost structures, greater customer choices, and operational efficiencies for businesses.
Advancing Open Banking in Digital Payments
In the quest for alternative payment solutions, open banking has become an essential strategy through the use of payment initiation APIs. This approach ensures secure account-to-account transactions. MoneyHash’s collaboration with Spare is dedicated to supporting advancements in this area and promoting secure and compliant payment practices.
The company seeks to streamline and scale its payment operations, and by partnering with an open banking infrastructure provider, it can drive the transformation of digital payments in the UAE. This partnership offers new methods for optimizing costs, reducing settlement times, and enhancing customer choice.
Both MoneyHash and Spare share a common mission to introduce innovative payment capabilities that reveal the value of bank-based payments. Their goal is to make open banking accessible and reliable for businesses of all sizes, supporting the industry’s shift towards secure account-to-account payment features.
MoneyHash collaborates with regional partners who operate within regulatory frameworks to expand its engagement with compliant financial infrastructure. Through these partnerships, the company supports the adoption of Pay by Bank, which aligns with local compliance requirements and highlights the potential of open banking in the GCC region, including markets like Saudi Arabia.
The partnership between MoneyHash and Spare aims to realize their vision of optimizing financial infrastructure by increasing access to alternative payment options. They are committed to helping businesses reduce costs, shorten settlement times, and gain greater control over payments. This collaboration underscores a mutual belief that open banking will significantly influence how payments, financial data, and e-commerce evolve.
