FinOn and Veengu Partner to Connect Merchant Acquiring Operations
FinOn and Veengu have announced a technology partnership focused on merchant acquiring infrastructure for banks and payment service providers (PSPs). The companies will explore how payment acceptance, authentication and routing can work alongside the systems used to manage merchants, transaction records, fees and settlement.
Why payment processing is only part of merchant acquiring
For an acquiring business, a transaction does not end when a payment is authorised. It also has to be attributed to the right merchant, reflected in transaction records, accounted for, reconciled and settled. Banks and PSPs may manage these tasks through different systems, processors and service providers.
The FinOn–Veengu partnership brings together two complementary areas of technology: the infrastructure behind accepting and authenticating payments, and the operational systems that support the merchant acquiring business. Its aim is to give financial institutions more flexibility in how they connect these functions, rather than requiring them to adopt a single closed platform.
How the companies' technologies complement each other
FinOn: Payment acceptance, routing and authentication
FinOn provides modular payment infrastructure, including a white-label payment gateway, a payment orchestration platform for multi-acquirer routing, and 3D Secure technology for browser and in-app transactions. Its solutions support different deployment approaches, including on-premises and service-based models.
Veengu: Merchant management and financial operations
Veengu's platform covers merchant and account management, transaction accounting, fees, commissions, settlement and back-office workflows. It also supports connections to external POS hosts, acquiring systems and card processors through APIs and secure network channels, including MPLS, as well as card and QR payment operations.
What this could mean for banks and PSPs
The initial area of collaboration is merchant acquiring. In exploring projects together, FinOn and Veengu will focus on how banks and PSPs could:
- Connect payment and merchant operations across payment acceptance, merchant records and transaction accounting.
- Support reconciliation and settlement workflows alongside payment processing and authentication.
- Preserve technology choice across processors, acquirers and other infrastructure providers.
Perspectives from FinOn and Veengu
“Building an acquiring business is about much more than processing transactions. Banks and PSPs also need to manage merchants, reconcile payments and maintain control over their operations,” said Alexander Morsakov, Chief Commercial Officer at FinOn. “By bringing FinOn's payment infrastructure together with Veengu's operational capabilities, we want to help customers approach these challenges as one connected system, without giving up flexibility in how they build their technology stack.”
“We have seen first-hand how much work goes into connecting POS hosts, processors, merchant accounts and back office operations,” said Alex Suslov, Head of Business Development at Veengu. “FinOn adds the payment acceptance, routing, and 3D Secure capabilities. This gives customers a clearer technology setup and more control over how their acquiring business works.”
How the partnership began and what comes next
The teams first discussed the opportunity at Seamless Fintech Middle East 2026 in Dubai, held from 22 to 24 September. They will initially explore projects in merchant acquiring, while digital wallets, embedded finance and cross-border payments remain potential areas for future collaboration.
About the companies
Veengu develops core banking and fintech software for banks, PSPs and regulated financial institutions. Its capabilities include customer and merchant profiles, accounts, ledger, transactions, pricing, integrations and back-office operations. The platform can be deployed as SaaS, in a customer's cloud environment or on-premises. Learn more at veengu.com.
FinOn is a Dubai-based provider of modular payment infrastructure for banks, PSPs and fintech companies. Its portfolio covers payment gateways, orchestration, 3D Secure, PSP back-office software and cross-border remittance technology. Learn more at finon.tech.
