



Arab Financial Services (AFS), the Middle East and Africa region’s leading digital payment solutions provider and fintech enabler, announced a strategic partnership with PayTic, a Software-as-a-Service company specializing in end-to-end automation of process-heavy card program operations. Their modules include chargeback management, scheme and custom data reconciliation, scheme fee optimization, and regulatory reporting, all working in tandem to streamline operations for greater efficiency and scalability.

PayTic will support AFS's internal operations and offer their suite of back-office automation modules to AFS's existing clients and regional banks, streamlining the end-to-end daily operations, increasing productivity, mitigating risks, and adding greater value. 

Mr. Ghassan Mardini, AFS COO, said: "Partnering with PayTic marks a significant step forward for us at AFS. This collaboration will streamline our operations and enhance efficiency in card program management. This will provide our clients with advanced tools and solutions, empowering them to navigate today's complex financial landscape more effectively and securely. This partnership aims to set new standards in the paytech sector across the Middle East and Africa.”

Mr. Imad Boumahdi, PayTic Founder & CEO, said: "AFS is a pioneer in the paytech sector, and we look forward to this partnership with them, which will allow us to extend our proven track record of innovative solutions to a broader audience, benefiting banks and financial institutions across the region. Together, we aim to enhance operational efficiency and effectiveness in managing card programs, supporting our shared commitment to advancing financial technology and delivering exceptional value to our clients.”

This partnership underscores AFS's dedication to innovation and delivering advanced paytech solutions. By integrating PayTic's modules, AFS will continue to support banks and financial institutes to achieve their financial goals.





**About AFS:**
Arab Financial Services (AFS) was formed in 1984 to provide payment products, services and expertise to banks and merchant groups and deliver customized payment solutions in an increasingly divergent, disruptive, and dynamic payment ecosystem. 

AFS is owned by 37 banks and financial institutions, and serves over 60 clients in more than 20 countries across the Middle East and Africa. Today, AFS is the region’s leading digital payment solutions provider and fintech enabler. Regulated by the Central Bank of Bahrain, the Company’s ground-breaking, end-to-end payment services and solutions span debit, credit, and Islamic card processing, Merchant Acquiring, fintech and a state-of-the-art, value-added services suite. Providing the highest quality payments solutions that are trusted by businesses, AFS has offices and data centers in the Kingdom of Bahrain, Arab Republic of Egypt, Sultanate of Oman, and the United Arab Emirates.

Visit the [AFS Website](https://www.afs.com.bh) for more information and join the conversation on [LinkedIn](https://www.linkedin.com/company/arab-financial-services/).

Media enquiries about AFS and its subsidiary companies can be directed to: 
Email: pr@afs.com.bh 
Telephone: +973 1729 7376




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Manama, Kingdom of Bahrain: Arab Financial Services (AFS), the Middle East and Africa region’s leading digital payment solutions provider and fintech enabler, announced a strategic partnership with PayTic, a Software-as-a-Service company specializing in end-to-end automation of process-heavy card program operations. Their modules include chargeback management, scheme and custom data reconciliation, scheme fee optimization, and regulatory reporting, all working in tandem to streamline operations for greater efficiency and scalability.

Arab Financial Services (AFS), the Middle East and Africa region’s leading digital payment solutions provider and fintech enabler, announced a strategic partnership with PayTic.

AFS and PayTic Forge Strategic Partnership

AFS and PayTic Forge Strategic Partnership to Enhance Card Program Management 

Every day, thousands of Card Issuers and BIN Sponsors around the world begin and end their day the same way – trying to match up a file of transaction data with another file of transaction data, and praying that they line up. In most cases they don’t, launching the analyst into a journey of investigation and exceptions management, a rabbit hole that often involves many different backend systems, spreadsheets and inter-department emails.

PayTic introduces a revolutionary new tool to eliminate the burden of manual reconciliation and investigations – give us your files, and walk away, get a coffee, come back to reconciled data and a ready list of flagged transactions that need to be actioned. We’re source agnostic, so whether you’re Visa or Mastercard, use your own core banking or outsourced, we can handle it.

[Contact us](/book-a-demo) to learn how we can make your reconciliation process enjoyable. 

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PayTic introduces a revolutionary new tool to eliminate the burden of manual reconciliation and investigations

Drag & Drop for Card Issuers is here

Drag & Drop for Card Issuers is here!

Charlottetown, January 2023 – PayTic is excited to announce the addition of three new executives to its team during 2022, as it expands on its product and industry capabilities.

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**Ayyoub Rqibi**
VP of Client Success

With 7+ years experience in fintech, [Ayyoub Rqibi](https://www.linkedin.com/in/ayyoub-rqibi-60575a127/) has joined the PayTic team as VP of Client Success. Ayyoub will be responsible for ensuring that PayTic’s clients are getting maximum value from their SaaS subscription, and also ensuring their voice is represented during roadmap planning. Before PayTic Ayyoub managed payment programs for over 50 banks and financial institutions in Europe, Asia, and Americas. He has worked closely with executives at these institutions to monitor performance, improve processes, and optimize their operations.

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**Kate Firuz**
Director of Product

[Kate Firuz](https://www.linkedin.com/in/katefiruz/) has joined the PayTic team as Director of Product, and will be responsible for directing the product strategy, roadmap, and work cross-functionally with all teams to push products forward. Kate holds a master’s degree from McGill University in Montreal and has worked in the payments industry for over 8 years; she has directed company growth on the acquiring side and was Director of Banking, Product while building a card program from the ground up in the Canadian market.

**Welcome, Ayyoub and Kate!**

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PayTic Welcomes New Additions to its Leadership Team

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**PRESS RELEASE**

Charlottetown, PE – May 3, 2022 – PayTic, a new solution that streamlines the back-office operations and risk control of digital payments for banks and FinTechs, announces the close of a $2.95M funding round led by Halifax-based Build Ventures. Island Capital Partners, Concrete Ventures and Outlierz Ventures completed the remainder of the round. With this technology, PayTic brings together reconciliation, chargebacks, risk control and regulatory reports in one agile SaaS platform.

In the absence of industry-dedicated program management solutions, most of the large banks, processors and more broadly, payment issuers and acquirers are using large excel spreadsheets to reconcile settlements, control risks and track chargebacks. This is causing potential errors, compliance issues and resulting in a high cost of operations. In such a competitive and very sensitive industry, PayTic’s goal is to help Banks and Fintechs increase control, transparency and auditability of payment products with less effort and cost. The solution is cloud based and requires little to zero integration from the client side. Perhaps most appealing, a client can be onboarded with the processor of their choice in less than five business days.

PayTic’s CEO, Imad Boumahdi, immigrated to Charlottetown in 2018 with over 15 years of experience in the payments industry. He recognized that over the last decade, FinTech has been primarily focused on improving the checkout experience, which added more complexity to the operations and risk control. In response, he has built the technology to bring the back-end of managing payments up to speed by streamlining and digitizing the cross functional processes behind payments. PayTic uniquely offers an all-in-one solution that centralizes the program management for banks, FinTechs, and credit unions, so they don’t have to navigate siloed technologies and systems to reconcile payments, detect frauds, manage disputes and fill in the regulatory reports. Paytic’s main competition today is Excel.

Rob Barbara, General Partner, Build Ventures, comments “There is no one technology that streamlines everything and enables access to the payments ecosystem more seamlessly. This is a global solution that we expect to see growing across North America, the U.K., the Middle East and Africa.”

Island Capital echoes this sentiment. Ron Myers, General Partner at Island Capital Partners, says “Imad’s experience, expertise and approach to business are first-class; as a solo founder, he bootstrapped the growth over the last two years and has thrived under pressure. Paytic is uniquely positioned to engage in the world market from Prince Edward Island, both from a time zone and talent perspective.”

Outlierz Ventures, an Africa-focused early-stage VC firm, with offices in Morocco, is participating in the round. “We are very excited about what Imad and his team are building. We believe automating the back-office operations for banks and Fintechs is a huge need for the digital payment industry where settlements are still reconciled via large excel sheets by banks and payment issuers worldwide. Paytic will be a game-changer in this fast-growing industry,” said Kenza Lahlou, General Partner at Outlierz Ventures.

Boumahdi started the process to get the product to production in the depths of COVID uncertainty in August 2020. He joined the Propel cohort in June 2021 to help structure PayTic’s strategy and solidify its market development globally.

PayTic’s target customers are Fintechs, Banks, Credit Unions, and financial institutions that have MasterCard and Visa products from both issuing and acquiring sides. PayTic is PCI-DSS compliant, and security is always an utmost as they continue to add features and modules.

PayTic’s next exciting phase will involve adding key hires to the team, growing the customer base across key regions in North America, the U.K. and Africa, and continuing to build key product modules towards the vision of an end-to-end FinTech ERP platform.

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PayTic, a new solution that streamlines the back-office operations and risk control of digital payments for banks and FinTechs

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Build Ventures leads C$2.95m funding of PayTic

Build Ventures leads C$2.95m funding of fintech startup PayTic

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