Arab Financial Services selects CRIF for ‘ready-to-go’ Open Banking use cases

Payment solutions provider Arab Financial Services (AFS) has formed a strategic partnership with CRIF to offer Open Banking use cases and solutions to its bank clients across the MENA region.

CRIF’s Open Banking offering will supplement AFS’s Open Finance technology platform.

AFS will provide operational and technical support to those of its customers who are seeking a range of Open Banking use cases and implementations on its platform.

Samer Soliman, chief executive officer of AFS, said: “AFS is leading the way in offering the latest technology, products, and solutions to support the region’s rapid digital growth in the financial sector.

“This collaboration will widen our deliverables to our bank clients, providing them more options and a spectrum of cutting-edge customer-centric solutions, while reinforcing our position as the leading digital payment solutions provider and fintech enabler in the Middle East and Africa.”

CRIF, which specialises in credit bureau, business information systems, outsourcing and data processing services, supports more than 10,500 financial institutions, 600 insurance companies and 82,000 business customers across 50 countries.

Roberto Ciraci, head of consulting and solutions for CRIF Middle East, called Open Banking “a reality in the entire Middle East”.

“The CRIF Group – along with Strands, the CRIF company that focuses on creating highly personalized digital money management solutions – believes in disruption coming from open initiatives (Open Banking, Open Finance, Open Data), and by partnering with AFS we will be able to consolidate the market penetration in the region, by offering state-of-the-art and ready-to-go Open Banking use cases and solutions,” he said.

In the UK earlier this year, CRIF launched a range of Open Banking-powered solutions for insurers to help the sector deliver more personalized products and services.

Watch the latest Open Banking Expo Live Panel Debate, in association with CRIF, on the speed and accuracy of lending decisions.