TPS, a global provider of cards and payment solutions, today announced that Allied Bank Limited, one of the largest banks in Pakistan and the first bank to be established in the country, has decided to upgrade to TPS' next generation multi-channel payment solution 'Iris' to support its ambitious growth strategy.
Following a detailed switch selection process, where solutions for both in-house and outsourcing models were evaluated, Allied Bank has selected IRIS as its in-house payment switch because of IRIS parameterization, scalability, reliability and supporting cost-effective growth.
IRIS is a sophisticated payment application that offers one window solution for transaction processing, debit and prepaid card management, ATM controller, Transaction and ATM network Monitoring, Integrated Channel Management and ADC CRM. Supported by IRIS advanced features, Allied bank can accelerate the execution of its far reaching strategy, including upgrading the network to support chip-cards, advance its mobile banking initiative, while providing value-added services to its accountholders. The bank will also benefit from a lower Total Cost of Ownership (TCO), increased speed to market and facilitate in channel growth. Additionally ABL will use Instant Card Issuance capabilities, comprehensive Point of Sale (POS) and other payment products.
TPS has been associated with ABL since 2003 when it was selected by the bank to setup a transaction switch 'Phoenix' and other peripheral applications. In the span of 9 years, TPS technology has facilitated bank to scale and handle ATM network of 700+ ATMs and process the card life cycle of over a million debit cards.
To smoothly execute this upgrade project, TPS and Allied Bank has assigned a dedicated team consisting of highly motivated and trained senior personnel to manage this challenging and strategic project. All assigned resources will work as a closely-knit team with the aim to successfully deliver this project timely.
"At Allied bank we aim to offer innovative solutions and value added services to our customers. To meet this objective we plan to fully utilize IRIS scalable and modular architecture and features by rolling out new products and services, meeting customer's requirements and expectations within shortest possible time. Our strategic partnership with TPS will contribute in our technology transformation and enhancing our service capability and to offer convenience and exclusive services to our customers," said Mujahid Ali, Group Chief, Information Technology, Allied Bank Limited.
"It gives us immense pride to be a trusted partner of ABL, and be a part of ABL's continuous retail payment growth initiative. We greatly value ABL's confidence and trust in us and we are certain that the partnership of TPS and ABL will deliver long term benefits." said Muhammad Sohail, CEO, TPS