UAE-based Tarabut has acquired London-headquartered A2A payments platform Vyne, as part of a long-term growth strategy.

The acquisition deal, which was finalized in August, will enable the open banking firm to deliver faster, more accessible and more interconnected financial services across the Middle East and North Africa (MENA) region and globally, a statement said.

The value of the transaction has not been disclosed.

The company said the deal will open new doors for seamless, cardless, account-to-account (A2A) payment and streamlined operational processes, such as enhanced real-time reporting and reconciliation.

It is looking at capitalising on Vyne’s technology to allow customers to move money in real time, paying directly from their bank accounts in seconds, thus bypassing traditional channels that are slow and expensive.

With offices in the UAE, the United Kingdom, Saudi Arabia and Bahrain, Tarabut connects a regional network of banks and financial technology firms through universal APIs and offers tools that facilitate financial services.

In May last year, Tarabut announced the completion of a $32 million Series A fundraising led by Pinnacle Capital and supported by Visa, Tiger Global and Aljazira Capital.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com