AFS to provide key services for Iraq bank.
MANAMA: Bahrain-based Arab Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject.
Please [ improve this article] or discuss the issue on the talk page. (AFS A distributed file system for large, widely dispersed Unix and Windows networks from Transarc Corporation, now part of IBM. It is noted for its ease of administration and expandability and stems from Carnegie-Mellon's Andrew File System.
AFS - Andrew File System ), one of the leading electronic payment enablers in the Middle East, is to provide credit card management services for Iraqi Middle East Investment Bank (IMEIB).
IMEIB is a major private bank in Iraq and is in the forefront of technology adaption adaption
see adaptation. in the country.
With its network of branches in the, the bank has ambitious plans for expanding its retail services.
Under the agreement, AFS will sponsor IMEIB for issuing and processing credit cards.
This includes providing card personalisation, comprehensive back-office, reconciliation, dispute management, an interaction centre and mobile banking services to the bank.
The agreement covers similar services for the bank's debit cards debit card, card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser's checking account. They can also be used at automated teller machines for withdrawing cash from the user's checking account. .
"This partnership with AFS is yet another milestone in our history of introducing new services in Iraq," said IMEIB managing director Hikmat Jerjis Bahnam.
"Credit cards will form an integral part of our retail portfolio and we hope to please our customers by introducing features and services comparable to the best in the world."
AFS is a subsidiary of Arab Banking Arab Banking Corporation was incorporated as a Bahrain joint stock company on January 17, 1980 through a special decree by the Amir of Bahrain. It obtained an offshore banking unit licence from the Bahrain Monetary Agency on April 7, 1980, and began operations in the same month. Corporation and pioneered the concept of outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. card processing in the region and was the first to set up an end-to-end state-of-the-art card-outsourcing environment in Bahrain.
AFS is the largest payment card processor in the Middle East and North Africa regions.
"Iraq is an important market for us and we are committed to supporting the banks there, working with them to introduce leading edge technologies in the country," said AFS chief executive officer Shankar Sharma.
"We thank IMEIB for giving us the opportunity to partner them and look forward to a long and mutually beneficial Adj. 1. mutually beneficial - mutually dependent
dependent - relying on or requiring a person or thing for support, supply, or what is needed; "dependent children"; "dependent on moisture" relationship."
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