Arab Financial Services (AFS) Forms Strategic Partnership with CRIF to Implement Open Banking Use Cases on the AFS Open Finance Platform
Manama, Kingdom of Bahrain 31 July 2023: Arab Financial Services (AFS), the leading digital payment solutions provider and fintech enabler in the Middle East and Africa, has today announced a strategic partnership with CRIF, a global company specializing in credit bureau, business information systems, outsourcing and data processing services. This partnership will serve AFS’s bank clients across the MENA region by supplementing the company’s state-of-the-art Open Finance technology platform with CRIF’s latest Open Banking use cases and solutions.
AFS will leverage its digital payments and technology expertise to ensure seamless and reliable technical and operational support for customers who are looking for a variety of Open Banking use cases and implementations on the AFS state-of-the-art Open Finance Technology Platform.
Samer Soliman, Chief Executive Officer of Arab Financial Services (AFS) commented: “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 is the leading provider in continental Europe of consumer and business credit information, and a key global player in integrated decisioning solutions, supporting over 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, stated: “Open Banking is now a reality in the entire Middle East and CRIF is there, leveraging its expertise and end-to-end capabilities, collected over 30 years of presence in mature European markets. 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.
ABOUT AFS:
Arab Financial Services (AFS) was formed in 1984 to provide payment products, services and expertise to banks and merchant groups and deliver customized payment solutions in an increasingly divergent, disruptive, and dynamic payment ecosystem.
A key to the growing and continued success of the company was an executive team determined to invest in the most up-to-date, leading-edge technologies. AFS is owned by a total of 37 banks and financial institutions and serves over 60 clients in more than 20 countries across MEA.
Today, AFS is the region’s leading digital payment solutions provider and Fintech enabler, regulated by the Central Bank of Bahrain.
AFS’s innovative approach to the provision of financial services is evidenced by a series of pioneering payment services that covers debit, credit, and Islamic card processing, merchant acquiring, fintech, and a suite of state-of-the-art value-added services. Providing the highest quality payments solutions that are trusted by businesses, AFS has offices and data centers in the Kingdom of Bahrain, Arab Republic of Egypt, Sultanate of Oman, and the United Arab Emirates.
The emphasis that AFS places on innovation has positioned the company as a driving market force, delivering a rich portfolio of payment solutions including popular digital mobile wallets, customer orientated Merchant Acquiring services; Bahrain’s leading digital payroll solution, global contact centers and much more.
Trusted by businesses across the region AFS has been recognized as the “Most Innovative Payment Solutions Provider 2023″ by MEA Finance, “Best Payment Solutions Provider Bahrain 2023″ by International Business Magazine, “Best Payments Solutions Provider – Bahrain 2022” by MEA Finance, “Best New Payment Solutions Provider for MSME Business Bahrain 2022″ by Global Business Magazine, “Leading Payments Innovator Bahrain 2022” by Global Business Outlook and “Best Payment Solution Provider Bahrain 2022” by Global Banking & Finance Review.