Al Taif Group, Iraq signs up with Covalent for Outsourced Card & Payments Processing Services at Cards & Payments Middle East 2016

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Al Taif Group, Iraq signs up with Covalent for Outsourced Card Payments Processing Services at Cards Payments Middle East 2016
20 June 2016
Dubai - On the side lines of the biggest payments events of the region, Cards & Payments Middle East in Dubai, Al Taif Money Transfer Co (TMT), a subsidiary of Al Taif Group Iraq signed up Covalent (supported by UnionPay International - Al Taif Official Payroll Payment Card Solution), a Joint Venture of TPS and Access Group for powering up their entire Cards & Payments Infrastructure.

As part of the deal, Covalent will setup an extensive outsourced white labeled digital payments platform that will serve TMT customers that is both flexible, scalable yet future safe. This ideally positions Covalent as a regional cards and payments processor and with its white labeled digital payments platform any potential Covalent customer can easily and quickly deliver services to a wide variety of customers almost anywhere in the world. Covalent extensive suite of services covers everything from payment instruments i.e. Debit, Prepaid Cards, to their forms i.e. EMV, Magstripe, NFC, to an extensive array of acquiring options i.e. ATMs, POS, mPOS, Payment Gateway, to an elaborate back end services suite with options like merchant management, bill payments, standing instructions, fraud and risk management to name a few.

This deal follows a number of contract wins for Covalent, with the business recently announcing deals with Bank AL Habib, Soneri Bank and Standard Chartered Bank Pakistan spurring a silent revolution in the industry and greater acceptability and trust on the managed services spectrum.

"With Covalent at our side, we are at ease as we know they will deliver on time and with the quality that is the hall mark of both Access Group and TPS" said CEO AL Taif Group. "Our group takes pride in being the trend setter in Iraq and the region. Tasking Covalent with setting up our extensive electronic banking infrastructure speaks volumes about our trust in Covalent. And we strongly believe that it is the best blend of technology and expertise that we can get here in the Middle East"

Han Wang - General Manager UnionPay International Middle East said: "We are accelerating our expansion in the Middle East. This deal will substantially increase UnionPay's presence in the region. We were impressed with TPS's proven international track record as a card and payments system provider as well as their demonstrated speed to market. Through cooperation with market leaders like TPS, we are able to keep improving our acceptance network and card-using channels in the Middle East, offering convenient payment services to tourists as well as local residents."

"Everyone at Covalent is excited to be part of this project and we really hope to be able to meet the ambitious plans and expectations of Al Taif" said Imran Qureshi, CEO Covalent. "Our dedicated product development and project management teams are working closely with Al Taif on a day to day basis to deliver a white labeled digital payments platform that is technologically superior yet highly flexible and robust at the same time.

Shahzad Shahid, Director at Covalent and CEO of TPS, added: "We are pleased to have won the trust of Al Taif Group and it serves to highlight our ability to deliver effective cards and payments processing services globally. We have ambitious plans over the coming years as we look to further expand our cards and payments services into international markets."

Covalent is the newest Cards and Payments Processor in the region and was formed with the objective of leading the way towards digital transformation of banks in the most cost effective and efficient way. We offer a white labeled digital payments platform that can address both the short and long term objectives of any financial institution, processor or telco. Incorporated in 2016, we are a joint venture between two leading industry players, Access Group and TPS. This strategic alliance brings together the combined expertise and domain knowledge of both companies, providing the best of the best for the region. Be it normal electronic banking transactions, ecommerce transactions, loyalty management or mobile payments, we want to change the way the masses transact with newer and innovative ways of making digital payments.

THE ALTAIF GROUP, a leading provider of business services in the Middle East, has been in business since the early 1990s. Currently Al Taif Group of companies include Al Taif Money Transfer, Al Taif Hotels, TFM Express Shipping, Taoseel Post Services, Anwar Al Taif for Travel and Tourism, Altaif for Shipping & Custom Clearing, SAIC Insurance Company, Al Taif Car Parking Garage, Al Taif Solution, Taif Al Rafedain for Commercial Broker, Ur Incorporate Trade and Al Naqaa Orphans Care.

UnionPay is an international payment network. In partnership with more than 1,000 institutions worldwide, UnionPay International has expanded its acceptance footprint to 157 countries and regions, and has issued over 5.4 billion cards cumulatively in 40 countries and regions. UnionPay International provides high quality, cost effective and secure cross-border payment services to the world's largest cardholder base and ensures convenient localized services to a growing number of global UnionPay cardholders and merchants.

-Ends-

About Union Pay International
Established in March 2002, UnionPay International is a convenient and internationally accepted payment network building the bridge between buyers and sellers through different payment methods which vary from ATM cash withdrawal, to POS terminal for purchase and even online payments.

For further information, please contact:
Jing Leng
Tel.: +971-4-4345642
Email: lengjing@unionpayintl.com

Lina Arke, Account Executive, H+K Strategies
Tel.: +971-56-174 2468
Email: Lina.Arke@hkstrategies.com

© Press Release 2016


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