Latest news with #MichaelWakileh
Zawya
11-03-2025
- Business
- Zawya
Fintech Galaxy and ProgressSoft join forces to advance open banking in MENA
Integration of Open Banking solutions and real-time payments will enable seamless compliance, secure transactions, and financial data connectivity. Fintech Galaxy, a regional leader in Open Banking and financial innovation, and ProgressSoft, a global provider of real-time payment solutions, have partnered to fast-track Open Banking adoption and regulatory compliance across MENA. By advancing Open Banking adoption across the financial sector and leveraging national payment infrastructures and existing payment rails, this collaboration enables banks, payment service providers (PSPs), and regulators to streamline compliance, enhance digital transactions, and build scalable financial ecosystems. The partnership will enable ProgressSoft to leverage Fintech Galaxy's FINX Comply and FINX Connect platforms, equipping banks and financial entities with tools to fast-track regulatory compliance, enhance digital payments, and monetize financial data securely. Additionally, the two companies will collaborate on building national Open Banking hubs, providing regulators and central banks with a scalable financial infrastructure to accelerate sector-wide innovation. "Our collaboration with Fintech Galaxy presents a unique opportunity to redefine the Open Banking landscape,' said Michael Wakileh, ProgressSoft's Chief Executive Officer."We are proud to combine our strengths and deliver impactful solutions that support the financial ecosystem's digital shift, with a focus on growing our presence in the MENA region and beyond." This partnership aligns with the financial sector's regulatory shifts and increasing demand for Open Banking frameworks, supporting regulatory bodies, commercial banks, and fintechs in adopting Open Banking and embedded finance solutions. 'This partnership accelerates Open Banking adoption across MENA and the GCC, empowering financial institutions to comply faster, transact smarter, and innovate at scale. Together, we are building a more seamless, secure, and interconnected financial ecosystem.' — Riyadh Al Zamil, Chairman of Fintech Galaxy's Board of Directors. This collaboration is designed to help financial institutions: Reduce compliance costs and shorten regulatory approval timelines by leveraging pre-configured Open Banking solutions. Improve API connectivity to enable secure, third-party financial data sharing and real-time digital transactions. Future-proof payment infrastructure by integrating Open Banking capabilities with established financial systems. Fintech Galaxy is a leading Open Banking provider in MENA, regulated in Saudi Arabia, UAE, Jordan, and Bahrain, and integrated with 15+ banks across the GCC. Beyond compliance, it empowers banks to unlock new value, enhancing financial services and customer experiences. With ISO/IEC 27001:2022 and SOC 2 Type 2 certifications, Fintech Galaxy ensures top-tier security and regulatory adherence. Backed by $9M in funding, it continues to expand Open Banking, driving a more connected and inclusive financial ecosystem. About Fintech Galaxy Fintech Galaxy is a regional financial innovation company, providing reliable and secure Open Banking and Embedded Finance infrastructure for integration between industry players. Regulated by the Central Bank of Bahrain, Fintech Galaxy also received initial regulatory approvals from Central Banks in Saudi Arabia, Jordan and UAE. The company's platform, FINX, is built on international and local Open Banking standards with the best-in-class data and information security protocols and ISO/IEC 27001:2022 and SOC 2 Type 2 compliance for Information and Data Security. More on About ProgressSoft Corporation ProgressSoft Corporation is a leading provider of real-time payment solutions tailored to the needs of the financial sector. Founded in 1989, ProgressSoft's commitment to innovation, quality, and customer satisfaction has earned it a loyal customer base of more than 370 banks, central banks, payment service providers and financial institutions in 25 countries. ProgressSoft offers a suite of payment solutions that cater to the evolving needs of financial institutions. These solutions include instant payments, payments hub, digital banking, electronic know your customer and electronic check solutions. This is in addition to buy now pay later, electronic bill payments and presentment, message depot and intelligent signature recognition among others. Today, ProgressSoft is a globally trusted and reliable partner for automating and enhancing the efficiency of payment, clearing, and settlement systems, with its solutions recognized for their excellence in innovation and efficiency. For more information visit
TECHx
08-02-2025
- Business
- TECHx
ADIB Becomes First Islamic Bank to Migrate to Cloud-Native Architecture News Desk - 08/02/2025 ShareAbu Dhabi Islamic Bank (ADIB), an Islamic financial institution, has achieved a significant milestone by becoming the first Islamic bank globally to migrate to cloud-native architecture using ZERO footprint topology. The bank is also the first in the UAE/GCC to successfully implement Swift's Alliance Cloud platform, enhancing its financial messaging capabilities.Swift's Alliance Cloud solution is a next-generation, cloud-based finance messaging platform that modernizes payment processes. By transitioning to a Software as a Service (SaaS) model, ADIB has achieved faster and more secure payment processing for both retail and corporate clients, streamlining operations with cutting-edge technology.This upgrade reinforces ADIB's operational resilience, minimizing service downtime while enhancing cybersecurity measures. It aligns with the bank's Vision 2035, which focuses on building a future-ready banking institution. By eliminating redundant systems and modernizing its payment infrastructure, ADIB will realize significant cost efficiencies and better meet the evolving demands of its clients.Manoj Bhojwani, Chief Information Officer at ADIB, commented, 'This milestone represents a major step in ADIB's pursuit of operational excellence and digital transformation. Our collaboration with Swift underscores our commitment to providing secure, efficient, and innovative solutions to our customers. It strengthens our position as a leader in shaping the future of Islamic banking.'Swift's Alliance Cloud enables financial institutions to adopt a 'plug and play' model, offering easy integration with a wide range of architectures, channels, and volume requirements while maintaining the highest levels of security, resilience, and reliability.ProgressSoft, a key partner in the migration, has played a crucial role by enabling ADIB to fully migrate its message screening and controls for Swift. Michael Wakileh, CEO of ProgressSoft, stated, 'We are proud to support ADIB and Swift's collaboration using our Payments Hub Platform. This partnership showcases the strength of ProgressSoft's technology in driving operational agility and ensuring seamless service delivery.'Retail customers will benefit from near-instant transaction completion, allowing for quicker access to funds and a smooth payment experience. Corporate clients will enjoy improved efficiency in managing high payment volumes, with reduced settlement times for global operations.Through this strategic move, ADIB continues to enhance its service offerings, reinforcing its commitment to providing secure, efficient, and customer-centric banking solutions.
ADIB Becomes First Islamic Bank to Migrate to Cloud-Native Architecture Abu Dhabi Islamic Bank (ADIB), an Islamic financial institution, has achieved a significant milestone by becoming the first Islamic bank globally to migrate to cloud-native architecture using ZERO footprint topology. The bank is also the first in the UAE/GCC to successfully implement Swift's Alliance Cloud platform, enhancing its financial messaging capabilities. Swift's Alliance Cloud solution is a next-generation, cloud-based finance messaging platform that modernizes payment processes. By transitioning to a Software as a Service (SaaS) model, ADIB has achieved faster and more secure payment processing for both retail and corporate clients, streamlining operations with cutting-edge technology. This upgrade reinforces ADIB's operational resilience, minimizing service downtime while enhancing cybersecurity measures. It aligns with the bank's Vision 2035, which focuses on building a future-ready banking institution. By eliminating redundant systems and modernizing its payment infrastructure, ADIB will realize significant cost efficiencies and better meet the evolving demands of its clients. Manoj Bhojwani, Chief Information Officer at ADIB, commented, 'This milestone represents a major step in ADIB's pursuit of operational excellence and digital transformation. Our collaboration with Swift underscores our commitment to providing secure, efficient, and innovative solutions to our customers. It strengthens our position as a leader in shaping the future of Islamic banking.' Swift's Alliance Cloud enables financial institutions to adopt a 'plug and play' model, offering easy integration with a wide range of architectures, channels, and volume requirements while maintaining the highest levels of security, resilience, and reliability. ProgressSoft, a key partner in the migration, has played a crucial role by enabling ADIB to fully migrate its message screening and controls for Swift. Michael Wakileh, CEO of ProgressSoft, stated, 'We are proud to support ADIB and Swift's collaboration using our Payments Hub Platform. This partnership showcases the strength of ProgressSoft's technology in driving operational agility and ensuring seamless service delivery.' Retail customers will benefit from near-instant transaction completion, allowing for quicker access to funds and a smooth payment experience. Corporate clients will enjoy improved efficiency in managing high payment volumes, with reduced settlement times for global operations. Through this strategic move, ADIB continues to enhance its service offerings, reinforcing its commitment to providing secure, efficient, and customer-centric banking solutions.
Zawya
06-02-2025
- Business
- Zawya
ADIB becomes the first Islamic Bank to adopt Swift's Alliance Cloud platform
UAE, Abu Dhabi: Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, has become the first Islamic bank globally to have migrated to cloud-native architecture using ZERO footprint topology and the first bank in the UAE/GCC to successfully implement Swift's Alliance Cloud platform. This collaboration will enable ADIB to further upgrade its financial messaging capabilities and leverage advanced technology to deliver secure, efficient, and scalable services to its retail and corporate customers. Swift's Alliance Cloud solution is a next-generation, cloud-based finance messaging solution designed to modernise payment processes. By transitioning to a Software as a Service (SaaS) model, ADIB has achieved faster and more secure payment processing for retail and corporate clients. This achievement reinforces ADIB's operational resilience by minimising service downtime and bolstering cybersecurity measures. It underscores ADIB's Vision 2035, which emphasises building the bank of the future. By eliminating redundant systems and streamlining payment architecture, the bank will achieve significant cost efficiencies while modernising its infrastructure to meet the evolving needs of its clients. Commenting on the implementation of Swift's Alliance Cloud Platform, Manoj Bhojwani, Chief Information Officer at ADIB, said: 'This milestone represents a significant stride in ADIB's pursuit of operational excellence and digital transformation. Our collaboration with Swift highlights our commitment to staying ahead in a rapidly evolving financial landscape, ensuring our customers benefit from secure, efficient and innovative solutions. This achievement not only strengthens our capabilities but also reaffirms our position as a leader in shaping the future of Islamic banking.' Swift is supporting finncial institutions with the move to zero footprint, enabling 'plug and play' access to its Alliance Cloud solution regardless of architecture, channel or volume requirements, while maintaining the highest levels of security, resilience and reliability for which Swift is known. 'We are proud to support ADIB and Swift's collaboration using our Payments Hub Platform,' said Michael Wakileh, ProgressSoft's Chief Executive Officer. 'With the successful rollout of cloud prerequisites and our Message Depot for message warehousing, we have enabled ADIB to fully migrate its message screening and controls for Swift. This partnership showcases the strength of ProgressSoft's technology in driving operational agility, enhancing competitiveness and ensuring seamless service delivery for ADIB.' Retail customers can utilise near-instant transaction completion, enabling quicker access to funds and a seamless payment experience, while corporate clients benefit from the ability to manage high payment volumes with greater efficiency and reduced settlement times for global operations. With this strategic move, ADIB continues to elevate its service offerings, reinforcing its commitment to providing secure, efficient, and customer-centric banking solutions.
