Four Jordanian banks join hands to establish Middle East Payment Services Consortium

Published November 25th, 2008 - 05:50 GMT

Four Jordanian banks join hands to establish Middle East Payment Services Consortium

Four Jordanian banks have joined hands to launch Middle East Payment Services (MEPS), a company dedicated to issuing and accepting debit and credit cards, mainly MasterCard, payment cards. MEPS would also oversee ATM acquiring and other payment services.

The banks in the new venture include Jordan Ahli Bank, Housing Bank for Trade and Finance, Jordan Kuwait Bank, and Jordan Islamic Bank. Approximately JOD5million has been injected to kick start the new service company in Jordan.

This unique initiative, which is supported by MasterCard Worldwide, was announced during a press conference held on November 24 and was headed by H.E. Marwan Awad, CEO and General Manager of Jordan Ahli Bank, and Mr. Denzil Lawson / General Manager of MasterCard Worldwide, Middle East & Levant.

According to H.E. Awad, the core aim behind establishing MEPS is to provide an advanced outsourcing infrastructure with the capabilities of growing MasterCard’s market share, supporting local banks in managing the issuance and usage of credit and debit cards, in addition to managing ATMs, corresponding with the current trend of the local and international banking institutions that acquire support services from other parties, therefore, giving institutions the chance to focus more on thier main operations and services. He also said that the venture’s second phase considers expansion to other markets in the Middle East and North Africa (MENA) region to offer superior electronic payment services.

H.E. Awad stressed that the four banks unified their efforts to achieve common goals, putting aside any competitive agendas in order to better utilize resources and benefit the national economy. He also mentioned the unlimited support of MasterCard Worldwide that was a key driver in prompting the four banks to set up this consortium.

Denzil Lawson, General Manager, Middle East & Levant, MasterCard Worldwide said: “The MEPS consortium will play a critical role in the development of the payments landscape in Jordan, We are therefore committed to working closely with all parties involved in MEPS to support the issuance and acquiring of payment cards, such as MasterCard credit and debit cards, as well as, processing, card management, and online payments function. Through this consortium, these leading financial institutions in Jordan will benefit from processing support and services that will allow them to rapidly design and deploy innovative payment products and services that can be specifically customized at the local and regional levels while operate within a secure global framework.”

H.E. Awad concluded his speech expressing the Ahli Bank’s keenness to be part of this consortium which brings together pioneers of the financial services industry in the Kingdom and provides customers with world-class solutions to facilitate their transactions and make their lives easier. He also thanked all those who supported the establishment of this company and sponsored this idea.   

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