Arab Financial Services inks multi-year RiskNet renewal agreement

Source: The ai

Arab Financial Services (AFS), a leading provider of electronic payments and consumer finance outsourcing services in the Middle East, today announced the signing of a multi-year renewal agreement for RiskNet Issuer with The ai Corporation, a leading provider of fraud detection and merchant risk management solutions.

RiskNet Issuer is an advanced multi-scheme fraud detection system that enables financial institutions to detect and minimise fraud for all types of payment cards including credit, debit, pre-paid and proprietary.

"We have been working with The ai Corporation since 2006, the signing of this renewal agreement further demonstrates our commitment to maintain our leadership position for the provision of payment card processing services. One of the key competitive advantages that AFS offers its customers is best-in-class technology complimented by the high quality service of skilled professional staff. The ai Corporation is working with many of the world's leading financial institutions, they have excellent industry knowledge and we are leveraging this expertise to provide an unmatched service offering." said B. Chandrasekhar, Acting CEO at AFS.

"The combination of our global presence and strong region experience has enabled us to deliver powerful and innovative fraud management solutions based on the changing needs of payment card issuers in the Middle East. These services help card processing companies and issuers to meet regulatory demands, improve bottom line results, enhance operations and achieve true competitive advantage. It has been a pleasure working with AFS, we appreciate their trust and loyalty and look forward to extending our relationship which we mutually value as a true partnership." said Mark Carter, CEO of The ai Corporation.

B. Chandrasekhar, Acting CEO at AFS went on to say "We are really pleased to be continuing our relationship with The ai Corporation. The seamless integration of RiskNet with our card management system is a proven and reliable solution. The extensive rule writing and unique parameter management capabilities which are unique to RiskNet, gives us the ability to create flexible custom rules for merchants, ATMs, countries and other entities in response to the varying fraud patterns." 

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