Dubai - Sharikat Mubasher: Spare, a leading Open Banking infrastructure company, unveiled the first international Open Finance payments solution in the UAE, expanding its product suite to enable seamless, secure, and real-time cross-border financial transactions globally.
Spare successfully executed its first cross-border pilot transaction with trusted banks in the UAE, enabling businesses and fintech firms to move funds internationally via a unified and compliant infrastructure, the company stated in a press release today.
The new solution represents a significant milestone in Spare’s evolution as a regional Open Banking leader.
Dalal AlRayes, Co-founder and CEO of Spare, said: "One of the top factors holding back the international growth of regional business leaders is difficulty accessing reliable international payment solutions. With our AlTareq-based International Payments solution, we have an answer to that. We are making cross-border transactions as simple as a local transfer".
Spare has received In-Principle Approval (IPA) from the Central Bank of the UAE (CBUAE) to operate under the country’s Open Finance Regulatory Framework. The International Open Finance Payments solution aligns with the framework and utilizes the national AlTareq scheme for initiation.
Through a unified API platform, Spare provides enterprises and fintech companies with a single integration point to access financial data and initiate both domestic and international payments.
