By John Lee.
SwiftPayIQ, a technical intermediary platform developed and operated by Baghdad-based Palace Tech for Software Solutions LLC, has launched a service connecting Iraqi online merchants with licensed electronic payment gateways, providing streamlined merchant onboarding, electronic invoicing and payment links.
Abdullah Al-Fayyadh, CEO of Palace Tech, told Iraq Business News that merchant verification, compliance checks, approval and account activation are carried out exclusively by the licensed electronic payment gateway in accordance with its regulatory and KYC requirements.
He said that during its first month of operation, the platform onboarded 300 businesses, with 34 completing the approval process and becoming active through its licensed payment gateway integration. In the same period, merchants issued more than 1,089 customer invoices across Baghdad, Maysan and other governorates.
Al-Fayyadh emphasised that SwiftPayIQ is a technical intermediary platform and not a payment gateway, payment processor or licensed financial institution. Beyond onboarding, it provides electronic invoicing, payment links, notifications, reporting and technical integration with licensed gateways, allowing merchants to manage their payment operations through a single interface.
He added that SwiftPayIQ does not receive, hold, authorise, process or settle customer funds; those functions are performed exclusively by the licensed electronic payment gateway. The platform currently integrates with Al-Qassa, enabling merchants to access licensed payment services while all processing and settlement remain the gateway's responsibility.
(Source: SwiftPayIQ)
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