• Partnership provides real-time personalized experiences to deepen consumer engagement
  • Solution offers banks meaningful insights and a better understanding of their customers’ financial needs

Dubai, United Arab Emirates – Spire, a leading GCC Open Banking services provider, has announced a strategic partnership with Mastercard, a technology leader in the global payments industry. The collaboration will help banks revolutionize consumer engagement and enhance user experiences in the region by integrating Spire “Ingage” and Mastercard’s Merchant Identifier solution.

Spire “Ingage” is an AI-driven financial wellbeing platform for retail banking customers, which provides smart budgeting, smart savings, smart lending, proactive bill management, and real-time financial reminders to help simplify consumer finances and financial decision making.

Mastercard’s Merchant Identifier solution will be integrated to provide real-time merchant data into different categories, formatted to be relevant and recognizable to banks as well as their customers. This allows customers to have a simple and holistic view of their banking transactional activities. Banks will benefit from reduced inquiries as these insights provide simple and recognizable transactional insights to their consumers.

Aamir Janjua, Group CPO of Aion and Spire, states: “Our promise is to enable a connected, simplified, and convenient financial lifestyle and experience for the 65 million GCC consumers. ‘Ingage’ helps banks to offer personalized financial services and insights to their customers to better manage their financial lives. We are excited to partner with Mastercard to provide simple, transparent and meaningful transactional insights to banks and their customers.”

J.K. Khalil, Country General Manager, MENA East, Mastercard, said: “We are delighted to announce our partnership with Spire as part of our efforts to simplify the digital journey for consumers. Through this partnership, cardholders can now easily understand their payments history, therefore eliminating the need to clarify statements, and allowing for better financial management. We see this innovation as a key milestone in our ongoing efforts to provide seamless and simple payment experiences for all as we embrace the limitless possibilities presented by Open Banking.”

The partnership is a step towards providing real-time personalized customer experience with dynamic content that promotes proactive financial management to consumers, ultimately leading to enhanced customer acquisition, retention, and recommendations.

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About Spire Technologies

Spire Technologies is building an API financial ecosystem in the MENA region. The company offers open banking solutions including regulatory compliance, account information services, and payment initiation services. Reaching beyond the basics, Spire deploys several powerful use cases to help with digital customer acquisition, stronger customer engagement, and growth in financing and deposit portfolio. Using Spire’s plug-and-play APIs, banks and fintechs are able to speed up their time to market, strengthen their credit risk framework, and improve quality of revenue.

About Mastercard

Mastercard (NYSE: MA), www.mastercard.com, Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.