Tsys announced today that the largest private bank in Azerbaijan, Bank Standard, has signed an agreement to license its Prime 4 card and merchant management solution.
Bank Standard will deploy the solution to support its expanding card portfolio of Visa and MasterCard credit, debit and prepaid cards, in addition to managing its merchant acquiring business.
The locally incorporated bank selected TSYS as a partner in the region based on PRIME 4's suitability as a cost-effective single platform solution for issuing and acquiring with strong product performance. With built-in, rule-based technology to monitor and detect suspicious transactions in real time, PRIME will provide the bank with better fraud and risk management, in addition to extensive workflow capabilities and parameter-driven technology to increase operational efficiency, increase speed to market and help improve profitability.
"We were looking for a best-of-breed, in-house solution that had the functionality, depth and breadth to support multiple card types, fast product launches and future innovation," said Elchin Abdullayev, retail products division head of Bank Standard. "TSYS offered this with its flexible, scalable PRIME solution and backed it with an impressive regional and global track record in the payments industry."
"Bank Standard is committed to providing innovative card programs and value-added services to their clients, and we are excited to offer them our PRIME solution for empowerment and differentiation of their card offering and services in the market," said Kelley C. Knutson, executive vice president, TSYS.
TSYS has a strong presence within the Commonwealth of Independent States (CIS) with 19 clients in 7 countries, including some of the top ranking banks in their countries.