Soneri Bank, a Pakistan-based commercial lender, has teamed up with Covalent, a joint venture between Access Group and TPS, to bring together the combined expertise of all the companies on one common platform, with mutual goals for successful digital transformation.

The commercial bank believes that the collaboration with Covalent will enable it to offer enhanced digital experience to its customers. It will also allow the bank to efficiently release new products and services, easily integrate with other systems and get easy access to data and information, among other benefits.

Under the terms of the agreement, Covalent will establish an EMV compliant card management system to power Soneri Bank EMV debit MasterCard programme.

This will provide the bank to a world of possibilities and with IRIS at the core, newer initiatives such as EMV acquiring, cardless withdrawal and prepaid card issuing will be future initiatives.

Soneri Bank CIO Ahmed Saqib Asad said: “Having a progressive technology business partner is crucial for banks in this technological era because it ultimately influences our customer service experience.

“We believe Covalent will empower us with innovative technology to drive a more rewarding customer relationship and greater service efficiency.”

Covalent CEO Imran Qureshi said: “Being able to identify with Soneri Bank’s technology requirements and innovate accordingly is a way forward to a sustainable and mutually beneficial business relationship.

“Our technology will provide Soneri Bank with the ability to launch different products of their choice with ease that will enhance their value to their end customers well into the future.”