Lean Technologies scales Pay by Bank in the UAE as Open Finance payments go live

⦿ Executive Snapshot

• What: Lean Technologies expands its Pay by Bank capabilities following the launch of the UAE's Open Finance framework.
• Who: Lean Technologies, e&, Careem, DAMAC, OKX, Tewfik Cassis.
• Why it matters: This expansion represents a significant shift in the UAE's digital payments landscape, enhancing account-to-account payment options and reducing reliance on traditional card networks.

⦿ Key Developments

• Lean Technologies has launched a unified Pay by Bank suite that includes deposits, collections, checkout, and subscription flows.
• Since 2022, Lean has processed billions in total processed volume (TPV) for account-to-account payments across the UAE.
• Lean has helped businesses save over $100 million on card fees due to the adoption of A2A payments.

⦿ Strategic Context

• The UAE is recognized as one of the most digitally connected economies globally, which supports the adoption of innovative payment solutions.
• The Open Finance framework in the UAE represents a significant evolution in regulatory approaches, paving the way for structured and reliable payment systems.

⦿ Strategic Implications

• The immediate consequence is the enhancement of payment options for businesses and consumers, which could lead to increased adoption of A2A payments.
• Long-term, the operationalization of regulated payment initiation could solidify account-to-account payments as a core component of the UAE's digital economy.

⦿ Risks & Constraints

• Potential regulatory roadblocks could arise if the implementation of Open Finance does not keep pace with market demands.
• Competition from traditional card networks and other payment solutions may pose challenges to the widespread adoption of Pay by Bank.

⦿ Watchlist / Forward Signals

• Watch for the rollout of additional features and capabilities under the Pay by Bank suite as Lean continues to expand its offerings.
• Future developments in regulatory frameworks could signal the success or failure of A2A payments in the UAE market.