Euronet Pakistan, a division of Euronet Worldwide Inc. (NASDAQ: EEFT), has implemented a fully-consolidated cards and switch platform for Faysal Bank Limited with a complete portfolio of card product and services including debit and credit card issuance and management, ATM driving, unified fraud detection and monitoring, ACS integration, and integration with the financial institution’s core banking and digital channels.
The implementation modernizes the bank’s entire operations and aligns it with global industry trends toward enhanced customer services, consolidated product offerings, and the removal of redundant stand-alone systems.
The entire consolidated product suite is outsourced to Euronet and hosted on a PCI compliant application in Euronet’s data center facilities in Pakistanto ensure the technology’s availability and long-term viability, including hardware upgrades andtimely payment scheme mandate updates. It is fully compliant with global data security and customer data protection standards with all customer and transactional data residing within Pakistan. Â
About EuronetWorldwide, Inc.
Euronet Pakistan is a division of Euronet Worldwide, a NASDAQ listed company (EEFT) and an industry leader in processing secure electronic financial transactions. The Company offers payment and transaction processing solutions to financial institutions, retailers, service providers and individual consumers. These services include comprehensive ATM, POS and card outsourcing services, card issuing and merchant acquiring services, software solutions, cash-based and online-initiated consumer-to-consumer and business-to-business money transfer services, and electronic distribution of digital media and prepaid mobile phone time.
Euronet’s global payment network is extensive – including 43,956 ATMs, approximately 324,177 EFT POS terminals and a growing portfolio of outsourced debit and credit card services which are under management in 61 countries; card software solutions; a prepaid processing network of approximately 717,000 POS terminals at approximately 328,000 retailer locations in 54 countries; and a global money transfer network of approximately 447,000 locations serving 159 countries. With corporate headquarters in Leawood, Kansas, USA, and 66 worldwide offices, Euronet serves clients in approximately 170 countries. For more information, please visit the Company’s website at www.euronetworldwide.com.
What type of SBP license Euronet Pakistan had for providing mentioned services?
Has this outsourcing arrangement been declared in FBL’s P/L statement for this FY?