London-based electronic payments provider Ixaris will target the Middle East payments market through a partnership with e-commerce software provider 3omlti.
The companies will develop payments applications for the cloud-based Ixaris Payments Server, which provides financial institutions with prepaid product applications to target unbanked or underbanked consumers.
3omlti says it needs the Ixaris server to accomplish its goal of developing electronic payments in Saudi Arabia and extending the services throughout the Middle East, the company states in a Sept. 24 press release.
The Ixaris server will enable 3omlti to establish online payment accounts for both banked and unbanked users who want greater privacy and safety for online transactions, the companies state. It will also allow consumers to send funds abroad.
Remittances total more than $60 billion each year in the Middle East, including approximately 15 million foreign workers who send a large share of their income home, the companies say.
The partnership illustrates Ixaris' mission to spur innovation in electronic commerce on a global scale, Ixaris CEO Alex Mifsud says in the release.
"In emerging countries in particular, the Ixaris Payments Server allows banks to embrace the new era of the payments ecosystem," Mifsud adds.