Oman Arab Bank and AFS announce EMV migration agreement
AFS set to provide Oman Arab Bank with technical and consulting expertise to successfully migrate its existing Visa credit cards to become EMV compliant.
Manama, Kingdom of Bahrain- April 25, 2006
AFS the region’s leading provider of electronic-payments
and consumer finance outsourcing services has announced
an agreement with Oman Arab Bank in Oman. Under the agreement,
AFS will provide Oman Arab Bank with EMV migration services
which will ultimately enable the swift migration its
existing card portfolio as well as the issuance of EMV
compliant credit cards for its customers.
AFS will provide Oman Arab Bank with technical support
as well as consulting services and will implement a series
of chip migration services, which includes technical
and business acceptance testing.
Mr. Hisham Abdul Hadi, Card Centre Executive Manager,
Oman Arab Bank: ‘EMV Compliance is a priority for
Oman Arab Bank. We are committed to successfully completing
the EMV migration requirements as soon as possible to
be up to speed with the global market. AFS was naturally
the preferred partner because of its extensive experience
in payment cards management and its state-of-the-art-
technical capabilities.’
EMV is arguably the most radical change to the card
payment industry since the original introduction of payment
cards. The implementation of an EMV smart card based
payment infrastructure will not only put an end to card
related fraud, it will also support a whole new generation
of card-based applications that will reduce operating
costs, create new business opportunities and revenue
channels for banks.
Mr. Rasool Hujair AFS CEO commented, ‘We are pleased
with this agreement with Oman Arab Bank. Both institutions
have always enjoyed a strong partnership which has developed
over years of successful business collaboration.’ He
added ‘We offer our client banks a smooth migration
to EMV at a lowest cost possible; our Card Personalization
Center is both Visa /MasterCard certified, equipped with
the state-of-the-art technology and supported by experienced
staff to produce EMV compliant cards that can be delivered
to banks’ customers around the clock’.
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