Bahrain - Arab Financial Services (AFS), a leading provider of electronic payments and consumer finance outsourcing services in the Middle East, today announced the signing of a multi-year renewal agreement for RiskNet Issuer with The ai Corporation, a leading provider of fraud detection and merchant risk management solutions.
RiskNet Issuer is an advanced multi-scheme fraud detection system that enables financial institutions to detect and minimise fraud for all types of payment cards including credit, debit, pre-paid and proprietary.
"We have been working with The ai Corporation since 2006, the signing of this renewal agreement further demonstrates our commitment to maintain our leadership position for the provision of payment card processing services. One of the key competitive advantages that AFS offers its customers is best-in-class technology complimented by the high quality service of skilled professional staff. The ai Corporation is working with many of the world's leading financial institutions, they have excellent industry knowledge and we are leveraging this expertise to provide an unmatched service offering." said B. Chandrasekhar, Acting CEO at AFS.
"The combination of our global presence and strong region experience has enabled us to deliver powerful and innovative fraud management solutions based on the changing needs of payment card issuers in the Middle East. These services help card processing companies and issuers to meet regulatory demands, improve bottom line results, enhance operations and achieve true competitive advantage. It has been a pleasure working with AFS, we appreciate their trust and loyalty and look forward to extending our relationship which we mutually value as a true partnership." said Mark Carter, CEO of The ai Corporation.
B. Chandrasekhar, Acting CEO at AFS went on to say "We are really pleased to be continuing our relationship with The ai Corporation. The seamless integration of RiskNet with our card management system is a proven and reliable solution. The extensive rule writing and unique parameter management capabilities which are unique to RiskNet, gives us the ability to create flexible custom rules for merchants, ATMs, countries and other entities in response to the varying fraud patterns."
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About Arab Financial Services Company B.S.C. (c)
AFS is the leading Arab company for electronic banking, personal payment instruments and related services. Established in 1984, AFS is in a strong financial position with backing from leading international financial institutions in the Arab world. The company pioneered the concept of outsourcing card processing in the region and was the first company to set-up an end-to-end state-of-the-art card-outsourcing environment in Bahrain. AFS is one of the largest payment card processors in the Middle East and North African regions. AFS is Principal Member of Visa and MasterCard payment associations and an authorized third party processor centre. Over 50 banks in the region are connected to AFS's online card management integrated solutions. AFS offers diverse services ranging from 'get-started' to fully-fledged ongoing card processing and related services, assisting banks to issue Visa and MasterCard branded cards to their customers through sponsorship card programs. AFS offers flexible and customized solutions to suit the specific requirements of financial institutions in the region, including full Arabic language functionality. For more information, visit http://www.afs.com.bh.
About The ai Corporation
The ai Corporation is a leading provider of software systems for the detection and prevention of payment card fraud and merchant risk management. The company brings together fraud experts and next-generation technology and has proven success at managing merchant risk and preventing fraud for some of the largest issuer and acquirers in the world. Over the next 12 months, RiskNet will protect more than 200 financial institutions and screen over 10 billion transactions and authorisations. For more information about the company and its services, visit http://www.aicorporation.com.
© Press Release 2011
