Award winning financial institution in Dubai successfully deploys TSYS’ payments processing solution
COLUMBUS, Ga. & DUBAI, United Arab Emirates: BUSINESS WIRE/AETOSWire: TSYS (NYSE: TSS) and Mashreq Bank announced today that Mashreq has successfully implemented TSYS’ PRIME software licensing solution, to enhance the bank’s customer-centric experiences for its merchants. TSYS is providing Mashreq with its core PRIME℠ acquirer and issuer payments platform — and surrounding modules and services.
The first phase of the implementation followed industry best practices across planning, development and solution design, resulting in the successful launch of acquiring services within 8 months of contract signing. The second phase of the project — to include PRIME’s issuing solutions — will be deployed later this year.
“We at Mashreq are delighted to partner with TSYS for our acquiring platform as the system offers more flexibility and scalability to our merchant business. The joint efforts led to the project being executed seamlessly and at an extraordinary pace. We are looking forward for more collaboration with TSYS in Phase II to serve our customers better using the PRIME platform,” said Mr. Pankaj Kundra, Head of Payment, Mashreq Bank.
TSYS is providing Mashreq with acquiring solutions, including the core PRIME solution that enables Mashreq to manage its merchant relationships, and enable fast merchant onboarding. Additional solutions that will implemented during phase one, include PRIME Fraudguard to protect cardholders against fraud, PRIME Dispute Manager to efficiently manage transaction disputes for fast resolution, and TSYS InterActiv Interchange Pricing to allow Mashreq to better manage its merchant portfolio with respect to interchange and related costs.
In addition to implementing PRIME’s issuing solutions later this year, the final phase of the project will also focus on Mashreq’s multi-channel acquiring with support for payment gateway for e-Commerce, merchant portal with dashboard reporting, dynamic currency conversion and payment acceptance support for all major payment schemes. Mashreq will also consolidate and manage its card issuance with PRIME across multiple countries, beginning with UAE, and followed by Kuwait, Bahrain, Egypt and Qatar.
“We’ve established a great partnership with Mashreq, which provides the foundation of success. Together, we implemented the PRIME platform and we’re able to provide a solution designed to support their customer communication and ever-evolving payment needs,” said Rene Kruse, Group Executive and Managing Director of International Markets, TSYS.
Established in 1967, Mashreq is the oldest privately held 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 launched its new Vision and Mission recently, 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 four consecutive years from 2014-2017. 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 12,000 team members and local offices across 13 countries. TSYS generated revenue of $4.9 billion in 2017, while processing more than 27.8 billion transactions. We are a member of The Civic 50 and were named one of the 2018 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.