-Commerce In Saudi Arabia and a New Partnership
A strategic partnership between Saudi British Bank (SABB) and Visa’s Cybersource payment gateway and risk platform has been announced to hasten the bank’s expansion in the quickly evolving and expanding e-Commerce in Saudi Arabia market.
Through this partnership, SABB’s Payment Gateway will get more capabilities and, most crucially, improved network uptime, strengthening the bank’s Payment Gateway offering.
Through a streamlined onboarding process and expanded platform functionality, SABB will use Visa’s payment technology to offer its current merchant network and explore new prospects, enabling merchants to give customers a frictionless, reliable, and secure payment experience.
Additional Benefits
Yasser Al-Barrak, Chief Corporate & Institutional Banking Officer (SABB), said that they look forward to implementing the extra advantages the Cybersource payment gateway provides through their cooperation with Visa, which will further strengthen their e-Commerce in Saudi Arabia. This project demonstrates their dedication to and aspiration to serve Saudi Arabia’s payment ecosystem allowing eCommerce firms to develop and thrive more.
SABB will help companies fulfil customers’ rising demand for simple and secure online digital payment solutions thanks to the Visa Cybersource payment gateway and risk platform. More than 60% of Saudi Arabian consumers polled as part of a 2021 Visa study said they preferred shopping and making payments online to in-store transactions.
According to Ali Bailoun, regional general manager for Visa’s GCC Cluster, which includes the Kingdom of Saudi Arabia, Bahrain, and Oman, the future lies in accepting digital payments and a hypothetical cashless world. As part of its commitment to assisting businesses in their digital transformation, Visa invests in its global assets, infrastructure, and digital capabilities. They also support e-Commerce in Saudi Arabia alongside the government’s inspiration for digital transformation. They are thrilled to join SABB, one of the top eCommerce acquiring banks, to make sure Saudi Arabian companies have access to various domestic and international perks that will help them offer customers the seamless, secure online shopping experience they want.
About SAAB
The Saudi British Bank (SABB) is a member of the HSBC Group, a registered financial institution, and one that is governed and supervised by SAMA.
With roots in Saudi Arabia dating back over 70 years, SABB was founded in 1978 as a Saudi Joint Stock Company. It actively supported the country’s social and economic development during that time. One of the Kingdom’s top corporate and institutional international banks, SABB is a member of the HSBC Group and offers outstanding retail banking and wealth management services.
Additionally, SABB is a pioneer in digital service innovation, ESG, equity and debt wholesale banking, trade finance, foreign exchange, and the region, paving the path for excellence and change.
About Cybersource
Cybersource was established in 1994, at the beginning of the eCommerce era, and led the way in providing fraud monitoring and online payment solutions for medium- and large-sized retailers.
In 2010, Visa Inc. acquired Cybersource. More than 450,000 companies utilise Cybersource and Authorize.net solutions today. There are locations for their business worldwide, including in the Middle East, Asia, Europe, Latin America, and Africa.