Spare Unveils Cross-Border Open Finance Payments Platform to Enable Real-Time Global Transactions

Spare,  a leading Open Banking infrastructure company, unveiled the first International Open Finance Payments solution in the UAE, expanding its product suite to enable seamless, secure, and real-time cross-border financial transactions globally.

The new offering marks a significant milestone in the company’s evolution as a regional Open Banking leader. Spare successfully executed its first cross-border pilot transaction with trusted banks in the UAE, enabling businesses and fintechs to move funds internationally through a unified and compliant infrastructure.

Through its unified API platform, Spare provides enterprises and fintechs with a single integration point to access financial data and initiate both domestic and international payments. This eliminates the need to manage multiple banking relationships and reduces operational complexity at scale.

“One of the top factors holding back the international growth of regional business leaders is difficulty accessing reliable international payment solutions. With our AlTareq based International Payments solution, we have an answer to that. We’re making cross-border transactions as simple as a local transfer.”

– Dalal AlRayes, Co-founder and CEO, Spare

Spare has received In-Principle Approval (IPA) from the Central Bank of the UAE (CBUAE) to operate under the country’s Open Finance Regulatory Framework. The International Open Finance Payments solution aligns with the framework and utilizes the national AlTareq scheme for initiation.

Cross-border payments in the Middle East and Africa are projected to reach $31 billion by 2030, yet businesses in the region continue to face some of the highest transaction costs globally. Spare’s suite of open banking solutions are designed to cut through the friction, offering a compliant, standardized, real-time alternative built for the region’s financial landscape.