Take a wild guess: Mastercard to open first service center outside the US in this ME city
MasterCard, a technology leader in the global payments industry, plans to set up in Dubai its first processing centre outside the US in the last quarter of 2014.
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The processing centre, also the very first of its kind in the region, will be a one-stop-shop for debit and prepaid processing, fraud risk services, ATM processing, customer care and reporting/analytics.
“The MasterCard Processing Centre is a continuation of our global strategy to expand the company’s processing presence in high growth markets, bringing solutions closer to customers,” said Cathy McCaul, president of MasterCard Global Processing.
The multi-million facility that will significantly boost MasterCard’s operations in the region in terms of workforce and investment, is expected to be catalyst for innovation in the payments industry and is in line with Dubai’s Smart City initiative, McCaul told Khaleej Times on the sidelines of Cards and Payments Middle East show at the Dubai International Convention and Exhibition Centre.
Smart City project envisages transforming Dubai into a city where government services will be easily accessible, quick, and efficient using smart devices.
On selecting Dubai as the location for the facility, McCaul said the establishment of the centre in the UAE complements Mastercard’s global processing strategy that is focused on driving domestic relevance in emerging markets. “The Middle East and Africa is one of our fastest growing emerging markets in the world and we are committed to continuously invest in bringing our global capabilities to this region.”
The new service, called MasterCard Processing, is to be equipped with sophisticated fraud-fighting tools and data mining capabilities that help capture portfolio and cardholder insights. It will also help financial institutions respond rapidly to changing consumer needs, drive adoption of innovative technology and increase efficiency, said McCaul.
“By harnessing our global expertise, and using that to address specific market needs, we will have the ability to provide customers with integrated issuer and acquirer processing services using a state-of-the-art platform. There is a particular need for this in emerging markets where the rapid change in products and the growth in electronic payments challenge the capacity, security and capability of existing systems,” she said.
Raghu Malhotra, division president, Middle East and North Africa, MasterCard, said the new facility would be built as an integrated solution with the most advanced software so it will not have constraints sometimes found in legacy systems. “This will ensure a seamless transition to next generation payment solutions like ‘MasterPass.’ Eventually, it will also help integrate additional value-added services around multi-channel platforms including e-commerce and m-commerce.”
Malhotra pointed out that besides allowing its customers to swiftly develop innovative payment solutions, the Center would also deliver richer behavioral insights through comprehensive cardholder intelligence, allowing banks to develop offers based on consumer spending patterns.
Designed to be a one-stop-shop for financial institutions, governments and telecommunication companies, for all their payment processing requirements, the service will combine best-in-class processing platforms for credit, debit and prepaid processing along with advanced value-added-services around fraud, analytics and loyalty brought by operations owned and operated by MasterCard, Malhotra explained.
Currently, MasterCard provides issuer and/or acquirer processing services in more than 24 countries globally. The company’s focus on customer service and operational excellence has allowed MasterCard to partner with leading issuers to bring new, safer, and simpler payments products to consumers and to make it easier for issuers to focus on their core business by outsourcing their technology and operations.
He said MasterCard Processing would ensure partners are well positioned to respond to evolving demands and allow them to offer the most advanced products and services. The centre will also help will eliminate inefficiencies that result from using disparate processing platforms by linking an easy-to-use single connection to a comprehensive, globally connected infrastructure.
“Financial institutions in emerging markets usually face constraints that hinder the investment in and adoption of technologically-advanced solutions.
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