Mashreq Bank, a UAE-based lender, has inked a software licensing and services agreement with US-based payments provider TSYS.

Under the agreement, TSYS will serve as the provider of the bank’s core PRIME Issuer and Acquirer payments platform along with its surrounding modules and services.

The bank will also use TSYS support for omni-channel and digital enablement such as Web APIs and Customer Alerts, loyalty solutions at the issuer and merchant level, real-time fraud and risk solutions for mobile and e-commerce from the vendor.

In addition, Mashreq will also use the vendor’s acquiring propositions for merchant portal, acquirer dashboard, DCC, and interactive interchange pricing.

Mashreq head of operations and technology Sandeep Chouhan said: “Our key focus is providing customers with access to a wide range of innovative products and services, and this is what led us to TSYS.

“As one of the largest payment solution providers in the world, TSYS has the scale and power of PRIME, along with the visionary TSYS InterActiv technology framework to help us keep our customers and merchants at the forefront of innovation.”

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By GlobalData