TSYS Signs PRIME(SM) Agreement with Mashreq Bank in Dubai
Award-winning bank to license TSYS' PRIME for multi-country issuing and acquiring
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.