Under the agreement, AFS will provide Oman Arab Bank with EMV migration services which will ultimately enable the swift migration its existing card portfolio as well as the issuance of EMV compliant credit cards for its customers.
AFS will provide Oman Arab Bank with technical support as well as consulting services and will implement a series of chip migration services, which includes technical and business acceptance testing.
Mr. Hisham Abdul Hadi, Card Centre Executive Manager, Oman Arab Bank, said, 'EMV Compliance is a priority for Oman Arab Bank. We are committed to successfully completing the EMV migration requirements as soon as possible to be up to speed with the global market. AFS was naturally the preferred partner because of its extensive experience in payment cards management and its state-of-the-art- technical capabilities.'
EMV is arguably the most radical change to the card payment industry since the original introduction of payment cards. The implementation of an EMV smart card based payment infrastructure will not only put an end to card related fraud, it will also support a whole new generation of card-based applications that will reduce operating costs, create new business opportunities and revenue channels for banks.
Mr. Rasool Hujair AFS CEO commented, 'We are pleased with this agreement with Oman Arab Bank. Both institutions have always enjoyed a strong partnership which has developed over years of successful business collaboration.'
He added, 'We offer our client banks a smooth migration to EMV at a lowest cost possible; our Card Personalization Center is both Visa /MasterCard certified, equipped with the state-of-the-art technology and supported by experienced staff to produce EMV compliant cards that can be delivered to banks' customers around the clock.'
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Oman Arab Bank and AFS announce EMV migration agreement
- Bahrain: Tuesday, July 11 - 2006 at 16:37
- PRESS RELEASE
AFS the region's leading provider of electronic-payments and consumer finance outsourcing services has announced an agreement with Oman Arab Bank in Oman.
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About AFS:AFS is the leading Arab company for electronic banking, personal payment instruments and related services. Established in 1984, AFS is in a strong financial position with backing from leading international financial institutions in the Arab World. The company pioneered the concept of outsourcing card
Processing in the region and was the first company to set-up an end-to-end state-of-the-art card-outsourcing environment in Bahrain. AFS is the largest payment card processor in the Middle East and North African regions. AFS is Principal Member of Visa and MasterCard Payment Associations and an authorized third party processor centre. Over 50 Banks in the region are connected to AFS's online card management integrated solutions. AFS offers diverse services ranging from 'get-started' to fully-fledged on-going card processing & related services, assisting banks to issue Visa and MasterCard to their customers through sponsorship card programs. AFS offers flexible and customized solutions to suit the specific requirements of financial institutions in the region, including full Arabic language functionality.
About Oman Arab Bank:
A powerful presence in Oman, Oman Arab Bank (OAB) was established on 1st October 1984 as a closed joint stock company. The bank began its operations after acquiring the branches of Arab Bank, Plc., Jordan, which had been operating in Oman since 1973. Then in 1992, operations in the Sultanate were further expanded by the acquisition of all the retail branches of Omani European Bank, with which OAB then merged in 1994. 49% of the Bank's share capital is held by Arab Bank Plc. and the remaining 51% is held by a leading Omani investment company, Oman International Development and Investment Co. SAOG.
The distinguishing features of the Bank are its focus to provide personalized customer services of the highest standards, an in-depth Omani market knowledge, broad product skills, and a commitment to excellence. In addition, OAB has a particular specialization in the provision of trade finance such as export and import letter of credit. Within the Sultanate of Oman, OAB has 37 branches/offices. The Bank has also an extensive international reach through nearly 400 branches and associates of Arab Bank Plc spread over 40 countries.
Posted by Janeta Novakovic, Assistant News EditorTuesday, July 11 - 2006 at 16:37 UAE local time (GMT+4)
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