SwiftPayIQ, a technical intermediary developed and operated by Baghdad-based Palace Tech for Software Solutions, has launched a service connecting Iraqi online merchants with licensed electronic payment gateways.
The platform supports merchant onboarding, electronic invoicing, payment links, notifications, reporting and technical integration through a single interface. According to Palace Tech CEO Abdullah Al-Fayyadh, verification, compliance checks, approval and account activation are handled exclusively by the licensed payment gateway under its regulatory and KYC requirements.
SwiftPayIQ onboarded 300 businesses during its first month, with 34 completing approval and becoming active through its gateway integration. Merchants also issued more than 1,089 customer invoices across Baghdad, Maysan and other Iraqi governorates during the same period.
Palace Tech said SwiftPayIQ is not a payment gateway, payment processor or licensed financial institution. It does not receive, hold, authorise, process or settle customer funds. Those functions remain the responsibility of the licensed gateway.
The platform currently integrates with Al-Qassa, allowing merchants to access licensed payment services while payment processing and settlement remain with the gateway.
Source: Iraq Business News
