Dubai – Sharikat Mubasher: Spare, a Riyadh-based Open Finance infrastructure company, announced a strategic partnership with UAE-based B2B payments provider Xsquare to integrate Pay by Bank capabilities into business payment workflows.
According to a recent press release, the collaboration will allow Xsquare clients to use account-to-account payments for payables, receivables, and cross-border transactions through Spare’s Open Finance infrastructure. The companies said the solution is designed to reduce transaction costs associated with card payments and provide near real-time settlement, improving cash flow and operational efficiency for businesses.
Spare’s unified API will give Xsquare a single integration point to initiate transactions across multiple banking use cases, reducing the need to manage separate banking relationships and simplifying payment operations at scale.
Commenting on this, Dalal AlRayes, Co-founder and CEO of Spare, said the partnership would help address fragmentation and inefficiencies in regional B2B payments by embedding Open Finance capabilities into real-world business workflows.
Meanwhile, Ashwin Shenoy, CPO and Co-Founder of Xsquare, said the collaboration supports the company’s vision of creating a unified financial operating system for businesses, powered by the Central Bank of the UAE’s Open Finance Framework.
The partnership highlights the growing role of Open Finance in improving B2B payment infrastructure across the region.
