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AFS partners with PayTic to optimise card programme management

Tuesday 26 November 2024 07:34 CET | News

Arab Financial Services (AFS) has announced a strategic collaboration with PayTic aimed at further improving and optimising card programme management. 

As part of this alliance, PayTic is set to assist AFS’s internal operations and provide its suite of back-office automation models, including chargeback management, scheme and custom data reconciliation, scheme fee optimisation, and regulatory reporting, to the latter’s existing clients and regional banks. Through this, the two companies intend to simplify the end-to-end daily operations of users, scaling productivity, decreasing risks, and increasing value.

AFS partners with PayTic to optimise card programme management

This latest partnership comes just a month after AFS joined forces with UAE’s Zand Bank to offer fintech companies processing services and the latter’s BIN Sponsorship and banking capabilities. The agreement was set to equip emerging players with the ability to issue prepaid cards and other banking services while prioritising security and efficiency.

AFS and PayTic’s collaboration 

The strategic partnership forged between AFS and PayTic underlines the former’s commitment to innovation and paytech solutions. Besides this, the company focuses its efforts on remaining compliant with regulatory requirements and laws of the industry. Integrating PayTic’s modules into its operations is set to enable AFS to continue to assist banks and financial institutions in achieving their financial objectives.

Moreover, representatives from AFS commented on the announcement, mentioning that working together with PayTic is set to optimise their company’s operations and scale efficiency in card programme management. Through this, clients can benefit from advanced tools and solutions, allowing them to navigate the current financial landscape more securely and conveniently. Also, the partnership intends to support the advancement of the paytech sector across the Middle East and Africa.

AFS’s USD 50 million funding round

Back in October 2024, AFS announced that it secured USD 50 million in a funding round, with the company planning to leverage the capital to solidify its financial position and support its development strategy. At that time, the strategic investment was approved by AFS shareholders and was expected to substantially improve the company’s position in the industry. In addition, the funding was set to allow AFS to expand its operations, advance its product offering and suite of solutions, and drive innovation in the digital payments landscape.

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Keywords: partnership, chargebacks, paytech, financial services, fintech
Categories: Payments & Commerce
Companies: Arab Financial Services, PayTic
Countries: Africa, Middle East
This article is part of category

Payments & Commerce

Arab Financial Services

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PayTic

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