TSYS, one of the world's largest companies for outsourced payment services, announced yesterday that it has signed an agreement with Qatar International Islamic Bank (QIIB) to license PRIME 4, the latest version of TSYS' future-focused PRIME payment solutions platform.
QIIB is an award-winning Islamic bank that will leverage PRIME as a consolidation platform to manage all of its card issuing and multi-channel acquiring.
By migrating to PRIME, QIIB will be able to improve operational efficiencies across its business, enabling it to better grow its current market offerings, covering Sharia-compliant revolving, debit and prepaid card products with EMV and contactless support, in addition to supporting eCommerce issuing with its integrated next generation TSYS InterActivSM technology.
"We selected TSYS on the strength of its global and domestic experience in order to ensure that QIIB has best-of-breed tools to continue our commitment to enhance and deliver top-quality products and services to our customers," said Mohammed AlMawlawi, General Manager, Chief Business Development and Marketing at QIIB. He added, "By consolidating our cards onto the PRIME payments platform, QIIB will be able to further enrich our clients' payment options at much lower costs."
TSYS' PRIME 4 solution is fully compliant with the Payment Card Industry (PCI) Payment Application Data Security Standard (PA-DSS). It has a strong track record of supporting Islamic banks across the Middle East region in managing their Islamic Card product portfolios and services in accordance with Sharia principles.
"We will work closely with the QIIB to help it meet its growth objectives and contribute further to the development of the Qatari payments market as a whole," said Rene Kruse, Chief Operating Officer, PRIME Business Solutions and Group Executive, TSYS International.
TSYS is a leading global payments provider, offering seamless, secure and innovative solutions across the payments spectrum from issuer processing and merchant acquiring to prepaid program management. It currently supports more than 30 PRIME clients dates back to 1989.
