Award-winning bank to license TSYS’ PRIME for multi-country issuing and acquiring
COLUMBUS, Ga. & DUBAI, UAE–(BUSINESS WIRE/AETOS Wire)– TSYS (NYSE: TSS) announced today that it has signed a software licensing and services agreement with UAE leading financial institution, Mashreq Bank. TSYS will provide Mashreq with its core PRIME Issuer and Acquirer payments platform — and surrounding modules and services — to enhance the bank’s customer-centric experiences for its cardholders and merchants.
Mashreq is an award winning bank recognised for its retail and digital banking experiences. The bank also has broad product portfolios that include multi-brand credit, debit, and prepaid cards, as well as Sharia-compliant cards.
“We are one of UAE’s leading financial institutions with a growing retail presence in Egypt, Qatar, Kuwait and Bahrain. Our key focus is providing customers with access to a wide range of innovative products and services, and this is what led us to TSYS,” said Sandeep Chouhan, Head of Operations and Technology at Mashreq. “As one of the largest payment solution providers in the world, TSYS has the scale and power of PRIME, along with the visionary TSYS InterActivSM technology framework to help us keep our customers and merchants at the forefront of innovation.”
Mashreq will leverage TSYS support for omni-channel and digital enablement, including Web APIs and Customer Alerts. The agreement also includes innovative loyalty solutions at the issuer and merchant level. These are supported by real-time fraud and risk solutions covering mobile and e-commerce, along with a range of acquiring propositions for merchant portal, acquirer dashboard, DCC, interactive interchange pricing and more.
“We look forward to partnering with Mashreq as they continue to grow and develop their consumer payment offerings and innovative merchant experiences in the region. Our presence in the Middle East dates back to 1989, and we are very proud to support our clients as they drive the market forward in this progressive region of the payments world,” said Rene Kruse, group executive and managing director of PRIME Business Solutions, TSYS.
Established in 1967, Mashreq is the oldest Bank in the UAE with award winning financial solutions and services. Throughout its 50 years’ history, Mashreq has differentiated itself through innovative financial solutions, making it possible for its customers to achieve their aspirations. Today, Mashreq has a significant presence in 11 countries outside the UAE with 21 overseas branches and offices across Europe, USA, Asia and Africa.
Mashreq recently launched its new Vision and Mission, outlining its commitment towards its clients, colleagues and the community. In line with its new Vision to be the region’s most progressive bank, Mashreq leverages its leadership position in the banking industry to enable innovative possibilities and solutions for its customers across Corporate, Retail, International, Treasury and Islamic Banking. Mashreq is proud to be the first financial institution in the UAE to be awarded the Gallup Great Workplace Award for three consecutive years from 2014-2016. Mashreq also continues to invest in recruiting, training and developing future generations of UAE National bankers.
TSYS® (NYSE: TSS) is a leading global payments provider, offering seamless, secure and innovative solutions across the payments spectrum — from issuer processing and merchant acquiring to prepaid program management . We succeed because we put people, and their needs, at the heart of every decision. It’s an approach we call ‘People-Centered Payments®’.
Our headquarters are located in Columbus, Ga., U.S.A., with approximately 11,500 team members and local offices spread across 13 countries. TSYS generated revenue of $4.2 billion in 2016, while processing more than 25.5 billion transactions. We are a member of The Civic 50 and were named one of the 2017 World’s Most Ethical Companies by Ethisphere magazine. TSYS is a member of the S&P 500 and routinely posts all important information on its website. For more, visit tsys.com.
*Source: AETOS Wire