Spare Revolutionizes Cross-Border Transactions in the UAE with Launch of Open Finance International Payments
Spare, the leading Open Banking infrastructure provider, has officially unveiled its international payment services within the UAE’s Open Finance framework. In a landmark achievement for the region's financial sector, Spare successfully executed its first pilot cross-border payment in collaboration with UAE-based banks. This move enables businesses and FinTechs to transfer funds internationally through a unified, regulatory-compliant infrastructure, significantly reducing the operational complexities of managing multiple banking relationships.
By utilizing a secure and integrated API, Spare empowers companies to access financial data and initiate both local and global payments via a single interface. Dalal Al-Rayes, Co-founder and CEO of Spare, highlighted the strategic importance of this launch: "Reliable international payment services are a major hurdle for regional firms expanding across borders. Through our integration with the national 'Al Tariq' system, we are providing a practical alternative that makes cross-border transfers as seamless as local ones."