Open banking solutions provider Codebase Technologies, which services the Islamic banking industry, is expanding its payment capabilities by partnering with PaymentComponents as the two entities seek to scale up in the MENA region.
The collaboration is a strategic move by Codebase Technologies to expand its pool of application programming interfaces (APIs) under its flagship Digibanc solution. Through PaymentComponents, Digibanc customers will have access to a wider range of open banking and payment APIs such as Single Euro Payments Area or SEPA, SWIFT connectivity services as well as more streamlined operations through account aggregation capabilities.
“Codebase Technologies’s latest partnership with PaymentComponents will unlock new opportunities for our customers, owing to the combined innovations in open banking that we can now offer together,” commented Raheel Iqbal, the managing partner and global product head at Codebase Technologies.
With a strong focus on the Islamic banking market, Codebase Technologies is active in key Islamic financial markets including the GCC and South Asia. An alliance with such a firm would also enable London-based PaymentComponents to penetrate new markets.
“Open banking APIs allow banks and financial institutions to enrich customer experiences and bet on new revenue streams. Collaborating with a tech pioneer such as Codebase Technologies allows us to boost our position as a comprehensive fintech solutions provider in the region,” shared Zoe Kioustelidou, the strategic partnership manager at PaymentComponents.