Region’s largest Open Banking platform launches ‘TG Pay’ utilizing Open Banking APIs
Tarabut Gateway, the region’s first and largest Open Banking platform, has announced the launch of MENA’s first Open Banking payments with ‘TG Pay’. It is the first of its kind in the region to use Open Banking APIs and will allow businesses to receive payments instantly and end-users to pay directly via their bank account in a fast and secure way. The technology is already being deployed and implemented by regional banks, with Tarabut Gateway establishing its position as the primary Open Banking solutions partner.
Abdulla Almoayed, founder and CEO of Tarabut Gateway said, “This is a pivotal moment for payments in the region. We have developed this technology to power the next generation of payments, help financial businesses to scale up their reach and enhance customer experience in a safe, secure and convenient way.”
Open Banking payments offer a range of benefits for businesses and end-users alike. For businesses that have traditionally paid high transaction processing fees for credit and debit card payments, there is a clear opportunity to cut costs. With Open Banking payments, businesses receive settlements in real time, while also reducing the risk of fraud and chargebacks. For end-users, bank payments can be made more conveniently, securely, and faster than traditional methods.
Almoayed further commented, “Over the past year we have seen that collaboration within the financial services sector will pave the way forward for innovation. It is encouraging to see regulators, financial institutions and fintechs, aligning in a common direction. As such, the MENA financial ecosystem is transforming at an outstanding pace, and Open Banking payments is a pioneering leap forward.”