Following the EMV compliance certification as a third party processor and card personalization center, AFS, the leading Middle East payment cards processor announces the success of a series of pilot tests conducted for its EMV platform in coordination with the two leading credit cards issuers
Manama- Bahrain - AFS (Arab Financial Services), the region's first and most prominent provider of electronic-payment and consumer finance-outsourcing services announced today the success of a series of comprehensive testing procedures for EMV Visa/ MasterCard smart cards. The main objective of these tests is to guarantee swift and secure migration of its clients' existing cards to smart cards and to ensure that AFS provides the necessary support for banks conducting the migration.
Converting from Magnetic-stripe to EMV standards is a very long and complex process that required heavy technical and financial investments. "Banks can now relay on AFS to issue EMV compliant cards without the complicated and costly investment required for an in-house solution. Being certified as EMV third party processor and card personalization centre for both Visa and MasterCard, AFS can ensure a swift and secure migration of the Bank's existing portfolio to smart cards" commented Rasool Hujair, CEO, AFS
"In complying with EMV specifications, AFS continues the trend it started since its inception, applying state-of-the-art technology in all aspects of its services portfolio. We are committed to providing our clients with world-class integrated outsourcing services. This series of successful pilot tests for EMV cards is a clear illustration of our determination to live up to our clients' needs and expectations" added Mr. Hujair.
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About AFS
Founded in 1984, 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 45 of the region's leading banks and currently provides outsourcing services to over 50 banks and financial institutions.
Through leveraging best-in-class technology and know-how, AFS provides clients with reliable, efficient and easy-to-use systems, supported by processing services for their card issuing, merchant acquiring and consumer finance. The comprehensive range of services offered by the company include application and transaction processing, authorizations, customer service, card issuance, fraud detection and reporting, statement issuing and dispatching, dispute and chargeback processing, reporting, settlement, reconciliation and loyalty programs.
For more information, please contact:
Radwa Allabban
PR Senior Account Manager
Memac Ogilvy Public Relations
Tel: +973 17578726
Email: radwa.allabban@ogilvy.com
© Press Release 2005
