Qatar’s First Private Bank Upgrades to PRIME 4
Business Wire / ME Newswire
COLUMBUS, Ga. & DUBAI, United Arab Emirates - Thursday, January 24th 2013
TSYS® (NYSE: TSS) announced today the celebration of its 20-year partnership with Commercial Bank of Qatar, along with the Bank’s signing of a licensing agreement to upgrade to PRIME 4, the latest version of TSYS’ card and merchant management solution.
Commercial Bank became a TSYS client in 1992 when it began licensing the solution to manage the issuing and acquiring of its card programs. It has since extended its license and now additionally deploys the single-platform solution to manage its MasterCard and Diners Club card portfolios, point-of-sale networks and loyalty, collections and fraud prevention operations.
"We would like to thank TSYS for its partnership support over these last 20 years, and for the reliable PRIME technology that has enabled the growth of our product portfolio and provided a successful platform for our customer services,” said Mr. Abdulla Al Raisi, deputy chief executive officer, Commercial Bank. "We are delighted to have chosen a company that puts people at the center of payments and whose values of trust and integrity we respect and share.”
"TSYS is proud of its long association with Commercial Bank, and congratulates the Bank on its success through the years of providing payments excellence and for having a strong presence in the Middle Eastern market,” said Jaffar Agha-Jaffar, managing director of Africa and the Middle East, TSYS.
Robust and scalable, PRIME 4 offers a cost-effective, single-platform licensing solution for issuing and acquiring with built-in, rule-based technology to monitor and detect suspicious transactions in real time. Its extensive workflow capabilities support integrated dispute and chargeback handling with parameter-driven technology to improve operational efficiency, increase speed-to-market and drive down costs.
The PRIME licensing platform has an extensive reach throughout Europe, CIS, the Middle East, Africa and Asia, with a footprint that extends across more than 70 countries for more than 130 clients. It has a proven track record in the market dating back to 1995, with a presence in MEA since 1989, when it became the first PC-based card and merchant management system in the region. Today, TSYS maintains a regional office in Dubai with technical support team members serving international and local banks.
At TSYS, (NYSE: TSS), we believe payments should revolve around people — not the other way around. We call this belief "People-Centered PaymentsSM." By putting people at the center of every decision we make, with unmatched customer service and industry insight, TSYS is able to support financial institutions, businesses and governments in more than 80 countries. Offering merchant payment-acceptance solutions as well as services in credit, debit, prepaid, mobile, chip, healthcare and more, we make it possible for those in the global marketplace to conduct safe and secure electronic transactions with trust and convenience.
TSYS’ headquarters are located in Columbus, Georgia, with local offices spread across the Americas, EMEA and Asia-Pacific. TSYS provides services to more than half of the top 20 international banks, and has been named one of the 2012 World's Most Ethical Companies by Ethisphere magazine. For more information, please visit us at www.tsys.com.
About Commercial Bank of Qatar
Commercialbank has total assets of QR 76.4 billion as at 30 September 2012. As a full service commercial bank, the Bank offers a full range of corporate, retail, and investment banking services as well as owning and operating exclusive Diners Club franchises in Qatar and Oman. The Bank’s countrywide network includes 29 full service branches and 162 ATMs.
Profitable every year since incorporation in 1975, continual investment in technology and human capital, together with a strong capital base, provides a solid foundation for continued growth.
A successful diversification strategy has expanded Commercialbank’s GCC footprint through strategic partnerships with associated banks, the National Bank of Oman (NBO) in Oman and United Arab Bank (UAB) in the UAE. NBO, the second largest bank in Oman with total assets of RO 2.5 billion as at 30 September 2012, has 66 branches in Oman, 3 branches in Egypt and 1 in Abu Dhabi. UAB is headquartered in Sharjah, with total assets of AED 13.2 billion as at 30 September 2012 and operates 15 branches across the emirates in the UAE.
Commercialbank enjoys strong credit ratings of (A) from Fitch, (A1) from Moody’s and (A-) from Standard & Poor’s. The Bank is listed on the Qatar Exchange and was the first Qatari bank to list its Global Depository Receipts (GDRs) as well as bonds on the London Stock Exchange. Additionally, Commercialbank’s Swiss Franc bond issuance in December 2010, listed on the SIX Swiss Exchange, was the first public bond issuance by a Qatari bank in Switzerland.
The Bank is dedicated to supporting Qatar’s community and social infrastructure through various Corporate Social Responsibility programmes and sponsorship of events such as the Commercialbank Qatar Masters Golf Tournament. www.cbq.com.qa.
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