Spire “Ingage” is an AI-driven financial wellbeing platform for retail banking customers, which provides smart budgeting, smart savings, smart lending, proactive bill management, and real-time financial reminders to help simplify consumer finances and financial decision making.

Mastercard’s Merchant Identifier solution will be integrated to provide real-time merchant data into different categories, formatted to be relevant and recognisable to banks as well as their customers. This allows customers to have a simple and holistic view of their banking transactional activities. Banks will benefit from reduced inquiries as these insights provide simple and recognisable transactional insights to their consumers.

Aamir Janjua, Group CPO of Aion and Spire, states: “Our promise is to enable a connected, simplified, and convenient financial lifestyle and experience for the 65 million GCC consumers. ‘Ingage’ helps banks to offer personalised financial services and insights to their customers to better manage their financial lives. We are excited to partner with Mastercard to provide simple, transparent and meaningful transactional insights to banks and their customers.”

Adam Jones, Country General Manager, MENA Central, Mastercard, said: “Continuously simplifying the digital journey for consumers through innovation and collaboration is something we are committed in. Our partnership with Spire is a testament to this commitment. Cardholders can look forward to greater transparency with transactions enabling enhanced financial management. Together with our partners, we will continue evolving the digital economy; we are excited about the potential of Open Banking and its role in providing seamless and simple payment experiences for all.”

The partnership is a step towards providing real-time personalised customer experience with dynamic content that promotes proactive financial management to consumers, ultimately leading to enhanced customer acquisition, retention, and recommendations.