World’s First Islamic Bank Selects IRIS Payment Platform for Digital Transformation
Karachi, October 10, 2017: To keep up in transforming banking industry and meet growing expectations for time-to-market, Dubai Islamic Bank Pakistan has opted for IRIS Omni Channel Payment Platform and Prepaid Cards Management Solution by TPS. As digital banking adoption increases by leaps and bounds and Omni-channels take hold in financial services, Dubai Islamic Bank Pakistan is putting their customers first and investing in top-of-the-line payment technologies.
TPS’ Enterprise Payment Solution and Prepaid Cards Management Solution are both crucial elements of the DIB’s strategy for digitization of retail banking. The IRIS middleware will provide a fundamentally flexible payment platform which can be easily integrated with innovative alternate delivery channels.
Prepaid Cards will give the bank an opportunity to extend financial services to the unbanked. This is a solution that will help bridge the gap between formal financial services sector and the millions of underserved and unbanked citizens of Pakistan, especially when combined with services such as Business to Person (B2P) and Government to Person (G2P) payments. Prepaid cards will allow consumers in Pakistan to conduct transactions over ATMs’, POS Machines & E-commerce websites across the world.
As part of the agreement, TPS will also enable Dubai Islamic Bank Pakistan to issue EMV= Debit Cards. The roll out of EMV cards will enable the bank to be on par with the global Payment Card Industry standards and meet changing regulatory requirements.
“Dubai Islamic Bank Pakistan has a structured approach towards digital technology with a clear focus on customer experience as well as on the role that has to be played together by branches and digital banking channels.” said Junaid Ahmed, CEO, Dubai Islamic Bank Pakistan “We are happy to have TPS as our long-standing technology partner who have been supporting us in our digital journey and helping us keep pace with the fast changing technology.”
“We are delighted to provide Dubai Islamic Bank Pakistan the technological agility that is required to capture the full potential of new payment technologies.” said Shahzad Shahid, CEO, TPS “Being an agile company, we are proud that our cutting edge payment solutions will become the main differentiator for the bank when it comes to improving customer experience”.
About Dubai Islamic Bank Pakistan
Dubai Islamic Bank Pakistan Limited (DIBPL) is a wholly-owned subsidiary of Dubai Islamic Bank UAE (DIB), the world’s first Islamic Bank. The parent company DIB is a listed company in Dubai. DIBPL commenced operations in Pakistan as a scheduled Islamic Commercial Bank on March 28, 2006. As a Minimum Capital Requirement (MCR) compliant Bank, the DIBPL enjoys a short-term credit rating of ‘A-1’ and long-term credit rating of ‘AA-’ with a “stable” outlook, from JCR-VIS, indicating the bank’s robust position in the industry.
DIBP has always endeavored to provide innovative financial products and services to our customers through our growing network of over 243 locations (200 Branches and 43 Branchless Booths) across 62 cities in Pakistan. DIBPL continues to reaffirm its commitment of World Class Banking expertise with the largest Shari’a compliant product suite in Retail, Corporate, Consumer, Trade, Commercial, Treasury and Investment Banking services across Pakistan
TPS is a leading provider of cards and payment solutions worldwide. With more than a decade of focused domain expertise, TPS empowers the e-banking infrastructure of over 120 customers across 30+ countries. From inception through design and implementation to upgrades and support, TPS stays committed to the entire project lifecycle and beyond.
TPS customer base spans across Middle East, South Asia, Africa and Europe with increasing footprint across other regions. Over a period of 17 years, TPS has significantly contributed to the e-banking revolution in Pakistan. To date, more than 23 commercial banks in Pakistan having thousands of branches use TPS technologies to drive and consolidate their alternate distribution schema. TPS also empowers the largest financial shared services network of Pakistan, 1 LINK. On a similar pattern, TPS is driving the inter-bank shared switch of Bangladesh, OMNIBUS.