UAE-based payment orchestration platform MoneyHash has announced a strategic partnership with Spare, a regional open banking infrastructure provider, to introduce Pay By Bank solutions for merchants across the United Arab Emirates. The collaboration is set to enhance the digital payment landscape by enabling direct account-to-account (A2A) transactions.
This initiative aims to provide businesses with a cost-effective alternative to traditional card-based payments, significantly reducing transaction costs and shortening settlement times. By integrating Spare’s open banking technology, MoneyHash empowers its merchants to offer a seamless and secure payment method directly from their customers’ bank accounts.
Leveraging Open Banking Infrastructure
At the core of this partnership is the integration of Spare’s open banking payment initiation APIs into the MoneyHash platform. This technology allows for secure access to financial data and facilitates direct bank transfers while adhering to strict regional regulations and compliance standards. This move underscores MoneyHash’s strategy to expand its digital payment offerings beyond conventional models.
“Open banking is reshaping how digital payments evolve in the region, bringing new ways to enhance security, speed, and customer choice,” said Maram Alikaj, Chief Operating Officer at MoneyHash.
“Working with Spare aligns with our mission to support the industry with modern payment capabilities and deepen the understanding of how bank-based payments can create value for businesses.”
A Regional Push For Modern Payments
The collaboration reflects a broader trend across the GCC towards adopting alternative payment methods that offer greater control, lower costs, and faster settlements for businesses. Both MoneyHash and Spare see open banking as a foundational element in building a more secure, compliant, and efficient financial infrastructure that supports the growth of digital commerce.
“Our goal is to make open banking accessible and trusted for organisations of all sizes,” stated Shaima Ghafoor, Country Manager at Spare.
“Partnering with MoneyHash allows us to strengthen the evolving financial infrastructure and support the industry’s transition toward secure, account-to-account payment capabilities.”
MoneyHash’s engagement extends beyond the UAE, signaling a commitment to championing the adoption of A2A payments across the wider GCC region, including key markets like Saudi Arabia.
About MoneyHash
MoneyHash is the first Super-API for payment orchestration and revenue operations in Africa and the Middle East. The platform provides a unified infrastructure for businesses to connect with a variety of payment service providers, build dynamic payment flows, and manage the entire payment stack through a single integration.
Source: Fintech News Middle East
