AFS launches new products for banks
Manama, July 24, 2014
Arab Financial Services (AFS), a regional payment processor, has launched three new products that will be offered to all member banks.
The products will improve the current value proposition that the member banks can offer their customers, a spokesman for the company said.
The first product is the new 'Instant Issuance' Service where the member bank can issue on-the-spot Europay, MasterCard and Visa (EMV) payment cards to their customers at their branches, said a report in the Gulf Daily News (GDN), our sister publication.
This is a first in the market and will improve the turnaround time for the bank's customers significantly, the spokesman said.
The second product is the new online 'Loyalty Redemption' service with an ecosystem of partners like airlines, hotels, car-rentals, retailers, sporting events, etc.
"Customers can redeem their reward points online through the bank's web portal and the entire redemption process will be hassle-free," the spokesman added.
The third product is the mobile-based 'Interactive Equated Payment Plan' service where a cardholder can opt to convert his high value retail transactions to an easy instalment 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 the Middle East and North Africa," AFS chief executive B Chandrasekhar said.
"We will continue to invest in new products/technologies and in the fourth quarter we will be launching other new products and services."
AFS is the region's leading provider of electronic payments and consumer-finance outsourcing services. - TradeArabia News Service