Manama: Al Baraka Islamic Bank (AIB-Bahrain) will operate and act as a clearing house on behalf of eazyNet, following the signing of an agreement between the bank and Eazy, a biometric payment services and network provider.
Through the agent bank agreement, AIB-Bahrain will process and settle all eazyNet’s financial switch transactions between eazyNet affiliated member banks locally and cross-border on a daily basis.
AIB-Bahrain shall operate and act on behalf of eazyNet to facilitate financial settlements processed by eazyNet biometric financial switch, with the agreement eazyNet the privilege to secure and settle amounts in a seamless manner between all eazyNet members.
In May 2019, the bank had joined the eazyNet biometric payment network as a member to enable biometric ATM cash withdrawals and POS transactions for its customers.
AIB-Bahrain chief executive Hamad Al Oqab said: “Our new partnership with Eazy will take the bank’s electronic financial services to a new level not only for customers, but also for the network’s member banks.”
Eazy chief executive Nayef Al Alawi described the decision to appoint Al Baraka as its agent bank as “prudent” since both the companies are based in Bahrain and the bank also has a “large footprint and geographical spread in the region” adding value and trust to Eazy and its member banks network.
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