TSYS and Mashreq Bank Announce the Successful Implementation of PRIME℠ for Acquiring Services
03 April 2018 - 3:00PM
Business Wire
Award winning financial institution in Dubai successfully
deploys TSYS’ payments processing solution
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.
About Mashreq
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.
About TSYS
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.
For more, visit tsys.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180402005691/en/
TSYS Media RelationsCyle Mims, +1
706-644-3110cylemims@tsys.comorTSYS International MarketingSara
Ruffell, +357 22882600sararuffell@tsys.comorMashreq Public
RelationsRana AlBorno, +971 4 6083703RanaAlb@mashreq.com
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