Standard Chartered Bank has implemented Euronet’s state-of-the-art payments platform that would not only drive its extensive card management program, but also country-wide ATMs and CDMs.
This system will be the core processor in managing straight-through processing of transactions and customer onboarding for its revolutionary customer-centric digital program.
The solution incorporates the driving of issuance and acquiring programs for all payment schemes, along with integration with the Fraud and AML monitoring systems.
The implementation is being done keeping in view the latest security standards with dynamic key management, enhanced e-commerce transaction security checks, multi-factor authentication and TLS 1.2, which is spread across all internal Standard Chartered systems and International Payment Scheme Gateways, and is a first for VISA and MasterCard in Pakistan.
This consolidation will also result in Standard Chartered becoming the first entity in Pakistan to accept and process DCC transactions on its ATMs.
Euronet’s CEO, Mr. Kashif Gaya, stated on the occasion, “We are very pleased to partner with Standard Chartered Pakistan as a valued customer. Pakistan is the 12th Standard Chartered country that has migrated on to the Euronet platform. We strongly believe that this strategic partnership with Standard Chartered across the globe is a testament to our vision and depth in our broad product set with a guaranteed uptime and processing efficiency for multi-dimensional financial institutions. The digital innovation that we would continue to do for Standard Chartered in Pakistan affirms our market position and with a rich history of innovation, diversified product set, coupled with our internationally benchmarked secure infrastructure setup, we are well positioned to continue driving payments inclusion in Pakistan.”
Syed Mujtaba Abbas, Managing Director, and Head, Consumer, Private and Business Banking Standard Chartered Bank Pakistan, stated, “Our partnership with Euronet Pakistan is a strategic global alliance that has enabled us to expand our product offerings and enhance our digital footprint in the country at a much faster pace. Keeping our clients at the heart of it, this partnership has strengthened our momentum to cement our leading position in the digital banking sector. Simultaneously, providing the much-needed platform consolidation to increase our transaction processing efficiency, volumes and introducing targeted customer-centric solutions. With ramp up of technology and business solutions operating under the latest security standards, we believe this alliance will be beneficial to both institutions in the years ahead and will further strengthen Standard Chartered’s leadership in the local payments industry.”
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