The Middle East banking sector is undergoing a transformation, driven by advancements in technology, regulatory mandates, and changing customer expectations. Financial institutions must modernize their payment infrastructure to remain competitive in an increasingly digital world.

While instant payments growth in the Middle East appears to be a net positive for consumers, it also poses considerable challenges to regional banks and FI's.

As the need for faster, more transparent cross-border payment solutions increases across the international financial-services sector, banks and financial institutions in the Middle East and Africa (MEA) continue to shift their focus and resources toward payments modernisation.

To meet today’s customer demands and regulatory mandates, financial institutions need to modernise their payments infrastructures and partner with innovative payment providers, co-creating a digital payments ecosystem based on newer hub models.