Salt Edge and SeaPay bring Open Banking solutions to Saudi Arabian merchants

Financial API platform Salt Edge and omni-channel payment solutions provider SeaPay have teamed up to bring Open Banking solutions to merchants in Saudi Arabia.

By partnering, SeaPay will grant merchants access to financial data from thousands of banks across the Middle East and globally through a single API, thereby removing the need to connect with multiple banks individually and creating a more “streamlined” payment process.

SeaPay’s customers are also set to benefit from an additional instant payment method, given that the regulatory framework for payment origination under Open Banking was issued last month.

Salt Edge, which has facilitated compliance and connectivity with more than 5,000 bank channels in Europe, recently expanded into Saudi Arabia and Jordan.

“This collaboration marks a significant milestone in our mission to empower Saudi Arabian merchants with cutting-edge payment solutions,” said Turki Aldhamsht, chief executive officer of SeaPay.

“With the trusted legacy of the Arab Sea Information System, we are confident that this partnership will revolutionise how businesses in our region handle payments and financial transactions. Together with Salt Edge, we look forward to fostering the growth and success of local businesses in Saudi Arabia.”

Salt Edge’s chief product officer Ilian Dragan added: “The opportunity to embark on this Open Banking journey in Saudi Arabia with a remarkable partner such as SeaPay provides Salt Edge with tremendous motivation to unlock the limitless potential of this phenomenon.

“It is our firm belief that this collaboration will have a significant impact on Saudi Arabia’s merchant ecosystem.”

Salt Edge expanded into Saudi Arabia in November 2022, after the Saudi Central Bank (SAMA) issued its Open Banking Framework the same month.