Spire links with Mastercard to simplify digital banking offerings

Spire, a GCC open banking services provider, has partnered with Mastercard to help banks revolutionise consumer engagement and enhance user experiences.

Spire claims the partnership will help do this by integrating Spire Ingage solution and Mastercard Merchant Identifier product.

Ingage is an AI-drive financial wellbeing platform for retail banking customers which provides smart budgeting, smart savings, proactive bill management, smart lending and financial reminders in real-time.

Meanwhile, Merchant Identifier will be integrated to provide real-time merchant data into different categories, formatted to be relevant and recognisable to banks as well as their customers. This, Spire claims, allows customers to have a simple and holistic view of their banking transactional activities. Spire added that banks will benefit from reduced inquiries as these insights provide simple and recognisable transactional insights to their consumers.

Spire said, ?The partnership is a step towards providing real-time personalised customer experience with dynamic content that promotes proactive financial management to consumers, ultimately leading to bolstered customer acquisition, retention and recommendations.p>

Mastercard country general manager for MENA Central Adam Jones said, ?Continuously simplifying the digital journey for consumers through innovation and collaboration is something we are committed in. Our partnership with Spire is a testament to this commitment. Cardholders can look forward to greater transparency with transactions enabling enhanced financial management. Together with our partners, we will continue evolving the digital economy; we are excited about the potential of Open Banking and its role in providing seamless and simple payment experiences for all.p>

Aamir Janjua group CPO of Spire added, ?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 personalised 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.p>

Tapcheck, which develops employee financial wellness and earned wage access services, recently scored $20m in its Series A funding round.

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