Al Baraka Bank, an emerging Islamic Bank in Pakistan, today announced the launch of outsourced electronic banking services through Euronet Pakistan.
Euronet will provide UnionPay debit cards and a host of additional services, including the outsourcing of ATM driving & management, middleware, gateway services, as well as 24 x 7 operations and monitoring. UnionPay International (UPI), a subsidiary of China Union Pay, has an acceptance network in more than 140 countries and regions, and provides payment services to one of the world's largest cardholder groups.
Outsourcing is necessary to compete in today's marketplace and Euronet delivers exceptional value to its customers, helping them win market share, generate growth and provide superior customer experiences. In addition traditional outsourcing services, Al Baraka will now have access to a wide range of additional transactions on its electronic banking channels, including utility payments for additional companies, an inter-bank funds transfer facility and an interface with the bank's retail internet banking system.
"Euronet's outsourced model is the perfect choice for both our short- and long-term business requirements, which included the launch of UnionPay-branded debit cards", said Farah Naz, Head of Strategic Planning & Marketing, Al Baraka. "Outsourcing is cost effective and ensures the quickest time to market, which is our top most priority for any initiative. Euronet keeps up with the technological and regulatory requirements both globally and locally which will enable us to focus on our core business, while leaving the enablement part to Euronet. We believe this partnership with Euronet and UPI will help us grow and add more advanced, valuable and revenue generating services quickly and cost effectively".
"With Al Baraka joining our outsourcing platform we are now covering close to 30% of the local market, a milestone that speaks volumes about the trust local banks have in our service delivery", said Shahid Latif, Managing Director Euronet Pakistan "Local banks have realized that outsourcing certain technological and opoperationnal areas is both cost effective and necessary to achieve both short- and long-term objectives".
"UnionPay International is rapidly expanding its acceptance network in Pakistan", said Li Zhixian, Chief Representative of UnionPay International in Africa. "Al Baraka Bank is a bank of great market influence in Pakistan, and Euronet has profound experience in providing system service in the payment industry. UnionPay International is delighted to issue UnionPay-branded bankcards in collaboration with both of them, providing local residents with new payment choices and cardholders with safer and more efficient and convenient service relying on the UnionPay network across the globe including Pakistan"