The UAE-based Mashreq Bank has implemented TSYS’ PRIME software licensing solution in a bid to improve its customer-centric experiences for its merchants.
Under the collaboration, TSYS has provided its core PRIME acquirer and issuer payments platform as well as associated modules and related services.
In the first phase, the planning, designing and deployment of the acquiring services were carried out. The second phase, which involves implementation of PRIME’s issuing solutions, will be conducted later this year.
Mashreq Bank payment head Pankaj Kundra said: “We at Mashreq are delighted to partner with TSYS for our acquiring platform as the system offers more flexibility and scalability to our merchant business.
“The joint efforts led to the project being executed seamlessly and at an extraordinary pace. We are looking forward for more collaboration with TSYS in Phase II to serve our customers better using the PRIME platform.”
Following the implementation of the acquiring solutions, Mashreq will be able to manage its merchant relationships and carry out fast merchant onboarding.
Furthermore, additional solutions installed during the phase one include the PRIME Fraudguard to protect cardholders against fraud and PRIME Dispute Manager to manage transaction disputes facilitating faster resolution.
It also includes TSYS InterActiv Interchange Pricing, which helps to manage the merchant portfolio with respect to interchange and related costs.