TSYS, Mashreq Bank Announce the Successful Implementation of Primesm for Acquiring Services
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 PRIMESM 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.
Mashreq has provided banking and financial services to millions of customers and businesses since 1967.
We are one of UAE's leading financial institutions with a growing retail presence in the region including Egypt, Qatar, Kuwait and Bahrain. We focus on providing our customers access to a wide range of innovative products and services.