Open finance infrastructure provider Spare has partnered with UAE-based B2B payments company Xsquare to embed account-to-account payment capabilities into business workflows.
The collaboration offers businesses an alternative to traditional card payments, which can carry transaction costs of 2% to 3%.
Through Spare’s unified API, Xsquare clients can access Pay by Bank capabilities for use cases including payables, receivables, and cross-border payments.
The integration aims to reduce settlement delays and operational complexity by providing a single connection point across multiple banking relationships.
“B2B payments across the region remain heavily fragmented, expensive, and operationally complex,”
said Dalal AlRayes, Co-founder and CEO of Spare.
“Partnering with Xsquare allows us to bring Open Finance capabilities into real-world business payment workflows, helping companies reduce friction and operate more efficiently across markets.”
Ashwin Shenoy, Chief Product Officer and Co-founder of Xsquare, said:
“Through our partnership with Spare, XSquare is bringing together regulated account-to-account payment rails and a powerful B2B payment orchestration layer.”
Spare built the partnership on the Central Bank of the UAE’s (CBUAE) Open Finance Framework and launched its International Open Finance Payments solution in the UAE recently.
The companies said the collaboration supports their broader strategy to expand Open Finance infrastructure across real-world business payment use cases in the region.
Featured image credit: Edited by Fintech News UAE, based on image by Frolopiaton Palm via Magnific
