Meezan Bank picks BPC’s SmartVista to revamp payments
Pakistan-based Meezan Bank has selected BPC Banking Technologies and its SmartVista system to power issuing and acquiring.
Meezan Bank is the largest Islamic financial institution in Pakistan
The selection Is part of a digital transformation drive at Meezan Bank. The Islamic institution is upgrading its legacy payments infrastructure.
According to BPC, the bank saw a need to invest in its digital payment infrastructure in the wake of COVID-19.
Meezan Bank is deploying SmartVista for payment authorisation, card management, digital banking, and issuing.
“Pakistan has seen massive growth in its digital payment market,” says group head of IT and digital banking at Meezan.
“We need to have the right digital payment infrastructure in place to offer new payment experiences to consumers, as well as payment acceptance capabilities to companies.
“Leveraging BPC’s years of expertise and its robust solutions will help us adapt to these changes fast.”
Meezan Bank is a subsidiary of Kuwaiti company Noor Financial Investment. It was the first financial institution in Pakistan to receive an Islamic banking licence at launch in 2002.
It operates more than 800 branches and has a presence in 240 cities. The bank also holds a 35% market share in the country’s Islamic banking sector.
At the start of the year FinTech Futures exclusively reported the start of the bank’s digital revamp with Oracle FS.
Oracle fended off competition from rival Temenos, it is understood, which already works with the bank to provide its core system, T24 Transact.
