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This value added service from MasterCard International is designed to enhance acquirer services and profit. 'MiGS presents a host of benefits to the merchants, financial institutions and corporate businesses that Network International caters to,' said Mr. Ram Chari, Senior Manager, Network International.
'It is in line with our policy of making things more convenient for our stakeholders, and is another first for the region when it comes to providing card solutions,' he concluded.
Eyad Al-Kourdi, vice president, member relations Middle East & Levant, MasterCard International added:
'As a leading global payments solutions provider, MasterCard is continuously developing services to enable financial institutions to improve efficiencies, reach out to more merchant customers and grow their businesses. We are pleased to have worked with Network International to provide a solution that significantly reduces the Card Not Present merchants' costs and leverages banks' connectivity to MasterCard's Banknet® Global Network.'
MiGS provides an attractive outsourcing proposition to acquiring members wishing to provide their merchants with secure payment processing services for all major card brands across Card-Not-Present channels including call centres, IVR, e-commerce, m-commerce and electronic bill payment. It supports payment instruments across the B2C/B2B spectrum and provides merchants with administration tools to improve payments visibility and cash flow.
Member banks stand to gain immensely from this new service as it takes the investment risk away from them, is quicker to market, reduces cost and is off the balance sheet. The relationship between the bank and the merchant is also strengthened as a result.
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Posted by Anne-Birte Stensgaard, Senior News Editor
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