Innovative behavioural platform will allow the provision of bespoke payment and card solutions for clients.
Network International, one of the leading payment solutions providers in the Middle East, announced the launch of “Network One,” an innovative and market leading platform for its clients. Developed in partnership with OpenWay, a recognised leader in the WAY4™ software solutions for issuing and acquiring, payment processing, remote banking service and financial transaction routing, Network International’s new platform will be the first of its kind in the region.
Network One is based on a framework that allows innovative products to be created by monitoring the behaviour and attributes of a payment. It will also fully support the implementation of value-added services such as loyalty programmes, mobile payments, loans and fraud management.
Commenting on the launch, Bhairav Trivedi, CEO of Network International, stated: “Network International’s success is based on working closely with our customers and partners. The introduction of Network One is a strong example of this principle, and it will be important to our continuing to be at the forefront of technological and product development within our market.”
Network One will also play an important role in the further development of the Mercury system, which was launched by Network International in April 2013. The Mercury platform is the first ever UAE-focused closed loop prepaid programme, through which Network International plans to offer UAE residents a wide range of cost-effective and value-added domestic prepaid payment alternatives. The Mercury platform will also enable the acceptance of these cards at all Network International POS terminals and ATM’s of participating member banks across the UAE.
Following the launch of the Mercury platform, Network International also recently announced a global partnership with Discover Financial Services to provide international acceptance for its future provision of credit and debit cards. The strategic alliance will allow the acceptance of Mercury Network Cards on Discover, Diners Club International and PULSE networks for international purchases and cash access outside of the UAE.
Hans Van Buylaere, Managing Director OpenWay Middle East, commented: “This project proves that WAY4 solutions by OpenWay are reliable and ready to meet new market requirements. In the Middle East market, where cards and bespoke payments are developing rapidly, we are ready to implement our best practices and share our experience in this special partnership.”
Mr Trivedi continued: “The new platform will allow Network International to develop solutions for our clients in a manner not available to our competitors and peers in the region. Through the greater understanding of customer behaviour in payment and card use, our clients will be able to develop propositions, which exactly match the requirements of their customers. We are fortunate to have been able to partner with OpenWay on this platform, as it is acknowledged as one of the leading providers of software solutions in this market and its expertise will be invaluable in our development of Network One.”
As part of the partnership agreement with OpenWay, Network International will also be the strategic partner of OpenWay’s licensed solutions within the Middle East, African and South Asian markets. This is consistent with the company’s recent strategic initiatives which are designed to broaden its geographical footprint within its core service market.
Established in 1994, Network International LLC is the largest acquirer in the UAE, and a leading payment solutions provider in the Middle East and Africa region (MEA), servicing more than 70,000 merchants and 200 financial institutions across 55 countries. The company’s service offering comprises a comprehensive range of payment products and services for both the Issuing and Acquiring segments of banks, financial institutions and retail merchants including end-to-end consultancy ranging from planning and designing to developing of new card and consumer finance products and services. In addition, the company offers several value-add products including data analytics, scoring and loyalty solutions. Network International has Operation centers in the UAE, Egypt, Jordan, South Africa and India, with its corporate head office in Dubai. The company recently acquired Emerging Markets Payments Holdings Limited (EMPH) and continues to invest in strategic partnerships that will increasingly see its influence spread across the region.
As the first independent vendor certified by both Visa & MasterCard for card payments in the Middle East, Network International is a Principal Member of Visa International and MasterCard International in the UAE and enjoys extension of its MasterCard License in other key countries. It is also a member of JCB and Union Pay card schemes, and it owns and manages the Diners Club International Franchise in the UAE, Egypt, Lebanon and Jordan. The company also launched a GCC-based domestic scheme, Mercury, and partnered with Discover Financial Services (DFS) to allow global acceptance of Mercury cards on the Discover, Diners Club International and PULSE networks. Network International is a Payment Card Industry Data Security Standard (PCI DSS) certified company.