Lean Technologies has launched a suite of four Pay-by-Bank products in the UAE, allowing businesses to collect payments directly from customer bank accounts and reducing reliance on traditional card networks, as reported by FWDstart.
Unveiled at its Pay-by-Bank event in Dubai on 18 June, the products run on the Central Bank of the UAE’s Open Finance framework, which enables licensed firms to initiate regulated bank-to-bank payments.
Product Suite Overview
The suite includes Deposits, aimed at trading, investment, and remittance platforms, with one-click top-ups and up to 12-month account-on-file consent.
Collections supports recurring and credit repayments, with pre-transaction balance checks.
Checkout targets e-commerce and uses delegated strong customer authentication for first-time buyers.
Payment Links is a low-code tool for merchants, schools, and property firms to request payments without full integration.
Lean said it has processed more than AED 20 billion in Pay-by-Bank transactions to date. The company added that the shift away from card networks has saved clients hundreds of millions in fees.
Open Finance and Early Milestones
The company has operated account-to-account payments in the UAE since 2022. It previously executed the country’s first customer-initiated Open Finance payment with Ziina in January.
Co-founder and Chief Product Officer Tewfik Cassis said the UAE’s Open Finance programme, alongside the Central Bank’s Nebras platform and Al Tareq API framework, provides the standardised infrastructure behind the new suite.
He added the products may be expanded to Saudi Arabia.
Lean recently secured a Major Payment Institution license for open banking from Saudi Arabia’s central bank, enabling it to move from sandbox testing to live deployment in the market.
Launch partners include Careem, which is using the Deposits product for wallet top-ups and remittances.
The company has raised more than US$100 million from investors including General Catalyst, Peak XV, and Shorooq. It is also exploring expansion into stablecoins and cross-border payments.
Featured image credit: Edited by Fintech News UAE, based on image by Lean Technologies
