Additionally, the partnership between SABB and Cybersource wll reportedly boost network uptime, which will also supplement the bank’s payment gateway proposition. SABB is aiming to leverage Visa’s payment technology to enable the merchants working with the bank to provide customers with a secure payment experience.
Citing a 2021 Visa survey, SABB officials clarified that more than 60% of consumers surveyed in Saudi Arabia said they prefer to shop and pay online, rather than in store. This context allegedly made the partnership decision easier, SABB indicating that, with the Visa Cybersource payment gateway and risk platform, SABB will be able to support businesses in meeting increasing demand from consumers for seamless and secure digital payment options online.
Saudi British Bank (SABB) is a licensed financial institution operating under supervision and control of the Saudi Central Bank. SABB was established in 1978 as a Saudi joint stock company. SABB is having a strategic partnership with the HSBC Group. The bank offers integrated financial and banking services including personal banking, corporate banking, private banking as well as investment and treasury services. SABB paid-up capital is SAR 20.5 billion.
Cybersource is a Visa company that offers a complete portfolio of online and in-person services that simplify and automate payments. Through global reach, local expertise, modern capabilities, and commerce insights, Cybersource offers flexible, secure and creative commerce solutions for everyday life.
This is not Cybersource’s first partnership signed within the Middle East. In June 2022, Pakistan-based fintech PayFast by APPS teamed with Visa through Cybersource to provide payment acceptance to online businesses.
The partnership included ecommerce checkout, a digital merchant platform, fraud management, and SoftPOS. At the time, the initiative paved the path for PayFast to offer a dynamic and secure payment gateway with user-friendly UI/UX, thereby facilitating businesses to offer the acceptance of online payments through debit and credit cards.
To learn more about Cybersource, please check out the company profile in The Paypers Company Database.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now