The technology partnership combines FinOn’s payment acceptance, orchestration, and 3D Secure technologies with Veengu’s merchant management, transaction accounting, and settlement capabilities. It targets banks, payment service providers (PSPs), and fintech companies seeking more flexibility and control over how they run acquiring businesses. The agreement originated from discussions between the two teams at Seamless Fintech Middle East 2026, which took place in the UAE from 22 to 24 September 2026.
Dividing the acquiring stack
Under the arrangement, each company covers a distinct layer of the acquiring lifecycle. FinOn supplies the acceptance and authentication infrastructure, which includes a white-label payment gateway, payment orchestration for multi-acquirer routing, and 3D Secure solutions for browser-based and in-app payments. Its technology can be deployed on-premises or through service-based implementations.
Veengu handles the operational side. Its platform manages merchants, accounts, transactions, fees, commissions, settlements, and back office workflows. The company has experience supporting the acquiring back office operations, and its platform connects to third-party POS hosts, acquiring systems, and card processors via APIs and secure network channels, including MPLS. It supports both card and QR payment operations.
Together, the two companies aim to link the main stages of acquiring, from merchant management and payment acceptance through to transaction accounting, reconciliation, and settlement.
An open approach to infrastructure
The companies have framed the partnership as an alternative to closed payment ecosystems. Banks and PSPs will retain control over their choice of processors, acquirers, and other technology partners, while bringing payment acceptance, merchant management, and financial operations into a more connected environment.
Commenting on the partnership, Alexander Morsakov, Chief Commercial Officer at FinOn, noted that running an acquiring business involves more than processing transactions, as banks and PSPs must also manage merchants, reconcile payments, and maintain control over their operations. According to the official, the combined offering is intended to let customers address these requirements as a single connected system without limiting how they build their technology stacks.
Alex Suslov, Head of Business Development at Veengu, pointed to the volume of work involved in connecting POS hosts, processors, merchant accounts, and back office operations. In this context, FinOn’s acceptance, routing, and 3D Secure capabilities are expected to give customers a clearer technology setup and greater control over how their acquiring operations function.
Next steps
Merchant acquiring is the initial priority, with the two companies planning to explore projects where their technologies complement each other. Digital wallets, Embedded Finance, and cross-border payments have been identified as potential areas for future collaboration, although no specific timelines have been disclosed.
For institutions building or restructuring acquiring operations, the partnership reflects a modular model in which front-end acceptance and authentication sit alongside back office merchant administration and settlement, with the integration work between these layers addressed by the two providers rather than left to the bank or PSP.
