Network wins Al Hilal Bank deal
Dubai, June 11, 2008
Network International, the UAE’s largest payment service provider of credit and debit cards, has signed an agreement with Al Hilal Bank.
The company will handle majority of the processing for debit card management, ATM switching and an integrated credit card management system as well as transaction switching and clearing service. It will also be handling fraud monitoring, dispute handling and card personalisation for the bank.
This marks Network’s foray into Islamic banking and entry into Abu Dhabi.
This is a significant development for the Islamic banking industry as the best of technology and systems would be in place to take the burgeoning sector further, as Al Hilal is expected to generate significant number of new customers in the retail banking sector, Network chairman Abdulla Qassem.
“I would like to thank Al Hilal Bank management for choosing Network International as their business partner. Network won the Al Hilal deal despite tough competition from international and regional processors. We are proud to have Al Hilal Bank on board and our ambition is to be their preferred partner in their regional expansion plans. We will use the UAE implementation as a model for expansion into other countries as well, as we have a strong customer base today in the Mena region and also expertise and experience in executing similar projects”, said Qassem.
The project deadline for the debit card & ATM switching project is three months, which is half the time for other similarly positioned projects. Al Hilal will be personalising the cards in the branch, which will enhance the customer experience.
“The agreement with Network International reflects Al Hilal Bank’s commitment to delivering service of the highest international standards,” said the bank’s chief executive officer Mohamed Berro. “This is only the start for Al Hilal Bank; we plan to forge partnerships that allow us to deliver value to our organisation and become the best in the industry.” - TradeArabia News Service