Saudi British Bank (SABB) has announced a strategic partnership with Visa’s Cybersource payment gateway and risk platform, “with the aim of fostering the bank’s growth in an evolving and dynamic eCommerce space.”
This partnership will “enhance the overall capabilities of SABB’s Payment Gateway and, most importantly, enhance network uptime, which will also supplement the bank’s Payment Gateway proposition.”
SABB will leverage Visa’s payment technology “to offer its existing merchant network and explore new opportunities through a simplified onboarding journey and advanced platform functionalities, enabling merchants to provide customers with a frictionless, robust and secure payment experience. ”
Yasser Al-Barrak, Chief Corporate & Institutional Banking Officer (SABB), commented.
“Through our partnership with Visa, we look forward to implanting the additional benefits offered by the Cybersource payment gateway, which will in turn reinforce our e-commerce strength. This initiative is evidence of our commitment and ambition to support the payment ecosystem in Saudi Arabia. I believe this will enable the eCommerce businesses to grow and expand further.”
With the Visa Cybersource payment gateway and risk platform, SABB will “be able to support businesses in meeting increasing demand from consumers for seamless and secure digital payment options online. ”
According to a 2021 Visa survey, more than 60% of consumers “surveyed in Saudi Arabia said they prefer to shop and pay online, rather than in store.”
Ali Bailoun, Visa’s Regional General Manager for GCC Cluster – Kingdom of Saudi Arabia, Bahrain and Oman, remarked:
“Embracing digital payments and a potentially cashless society is where the future lies. Visa is investing in our global assets, infrastructure, and digital capabilities to support businesses in their digital transformation and we are committed to supporting the Saudi government’s digital commerce ambitions. We are very proud to partner with SABB one of the leading eCommerce acquiring banks to ensure that businesses in Saudi enjoy a range of domestic and international benefits that will enable them to deliver the seamless, secure eCommerce experience consumers are seeking.”
As noted in the update, Saudi British Bank (SABB) is “a licensed financial institution operating under supervision and control of the Saudi Central Bank. SABB was established in 1978G as a Saudi joint stock company.”
SABB is “having a strategic partnership with the HSBC Group.”
SABB offers “integrated financial and banking services including personal banking, corporate banking, private banking as well as investment and treasury services. SABB paid-up capital is SAR 20.5 billion.”
As mentioned in the announcement, Cybersource is “a Visa company that offers a complete portfolio of online and in-person services that simplify and automate payments.”
Through global reach, local expertise, modern capabilities, and commerce insights, Cybersource “offers flexible, secure and creative commerce solutions for everyday life.”