MANAMA: Bahrain-based Arab Financial Services (AFS), one of the leading payment processors in the region, announced the formal launch of three new products that will be offered to all their member banks.
AFS, subsidiary of the Arab Banking Corporation and headquartered in Manama, said that these products will improve the current value proposition that the member banks can offer their customers.
The first product is the new ‘Instant Issuance’ Service where the member bank can issue on-the-spot EMV payment cards to their customers at their branches. This is a first in the market and will improve the Turn Around Time for the bank’s customers significantly.
The second product is the new online ‘Loyalty Redemption’ service with an ecosystem of partners like airlines, hotels, car-rentals, retailers, sporting events etc. The customers can redeem their reward points online through the bank’s web portal and the entire redemption process will be hassle free and this will delight the customers.
The third product is the mobile base iEPP ‘Interactive Equated Payment Plan’ service where a cardholder can opt to convert his high value retail transactions to an easy installment plan. By using the AFS SMS gateway, the member banks can offer attractive payment plans to their cardholders and the entire transaction can be completed on the mobile by using a One Time Password.
“We are delighted to launch these new products for our member banks and this further strengthens our position as the leader in the payment industry in MENA. We will continue to invest in new products / technologies and in the fourth quarter of 2014, we will be launching other new products and services,” B Chandrasekhar, CEO of Arab Financial Services, said.
AFS is the region’s leading provider of electronic-payments and consumer-finance outsourcing services. Created by the financial industry to service and support financial institutions in the region and beyond, AFS is owned by 40 of the region’s leading banks and currently provides outsourcing services to over 60 banks and financial institutions.