This partnership seeks to redesign digital payment channels, enabling both institutions to broaden their reach and influence, while also contributing to Qatar's national vision for digital innovation.
This initiative merges TESS Payments' financial technology with Al Fardan Exchange's established trust, aiming to further advance digital payments and remittances in the country. The two companies’ goal is to upgrade the efficiency and security of financial transactions, providing customers with a simplified experience driven by structured technology and an understanding of their needs. Officials from TESS Payments stated that by merging fintech expertise with Al Fardan Exchange’s industry knowledge, the two organisations plan to establish a new standard for digital payments and remittance solutions in Qatar.
In June 2024, TESS Payments announced that it obtained a PSP licence from the Qatar Central Bank. To align with the requirements of Qatar's financial regulatory landscape, Akurateco collaborated strategically with TESS Payments to implement an on-premises setup of its Microsoft Azure Cloud software. Additionally, the company assisted TESS in achieving the Payment Card Industry Data Security Standard (PCI DSS) certification. This initiative further reinforced Akurateco’s dedication to maintaining high-security standards.
Furthermore, TESS's PSP licence accreditation highlighted Akurateco’s technology as compliant and dependable within the regulatory framework, emphasising the company’s commitment to the security of its solutions, which are designed to meet industry standards.
Akurateco offers ready-to-use, PCI DSS-certified white-label payment solutions to merchants, payment service providers, and financial institutions around the globe.
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