Open Banking platform Tarabut has announced the acquisition of Vyne , with the company aiming to scale its ability to provide more accessible and accelerated financial services. Approved by both the Saudi Central Bank (SAMA) and the UK’s Financial Conduct Authority (FCA), the strategic acquisition is set to support Tarabut in expanding its ability to offer faster and more interconnected financial solutions across both the MENA region and globally.

Officially, the deal was finalised on 1 August 2024 and intended to solidify Tarabut’s position in the industry ahead of new regulations for Payment Initiation Services in Saudi Arabia and Open Finance in the UAE. Vyne’s integration intro Tarabut Processing transactions via an existing client and partner portfolio comprised of businesses operating in retail, financial services, and automotive sectors, Vyne enables customers to move funds in real-time, paying directly from their bank account and avoiding traditional payment methods. By integrating Vyne’s technology into Tarabut’s operation, the company intends to deliver account-to-account (A2A) payment features to the Middle East, starting with Bahrain, where the first customer is projected to go live by the end of 2024.

Afterwards, Tarabut plans to expand to Saudi Arabia and the UAE taking into consideration how Open Banking regulations evolve in the region. Moreover, the integration between Vyne and Tarabut plans to provide instant, bank account-linked payments, delivering optimised service to businesses in the retail, automotive, and small and medium-sized enterprises (SMEs) sectors. Additionally, considering the current environment in which regulations are changing, Tarabut aims to prioritise compliance while advancing its offering. By merging its existing tech stack of data and compliance products with Vyne’s payment knowledge, the two firms plan to support simplified, cardless, A2A payments, as well as augmented operational processes, including improved real-time reporting and reconciliation. In addition to solidifying Tarabut’s technological infrastructure, the acquisition of Vyne expands the firm’s footprint to the UK, which is poised to improve its position in the banking industry.

Tarabut’s current move follows recent collaborations with several banks across Bahrain, the Kingdom of Saudi Arabia, and the UAE, as well as a USD 32 million funding from May 2023. Source: Link .