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Payments General

Token and Almoayed Technologies bring Open Banking to MENA region

Friday 7 December 2018 | 12:24 PM CET

Turnkey open banking platform provider Token has partnered with Almoayed Technologies, the MENA region’s technology infrastructure development company.

The partnership is aimed at accelerating open banking across the Arabian Peninsula.

Ahead of the recently announced introduction of open banking regulations in Bahrain, Almoayed Technologies and Token have been working together to enable compliance for the Kingdom’s banks via the integration of Token’s single API.

By offering a common platform to all banks in Bahrain, Token and Almoayed Technologies will enable banks to deliver open banking payment and information services to customers and enable access to banks for third-party providers (TPPs).

Via its universal open API banking platform, Token enables banks, merchants and other TPPs to connect to any bank for payments and account information requests, thereby solving the integration pain being felt across the industry caused by multiple, proprietary bank APIs.

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