Arab Financial Services (AFS) has entered into a strategic alliance to provide merchant acquiring solutions for Ahli United Bank (AUB) in Bahrain.
Under the terms of the arrangement, AFS will launch payment acceptance solutions such as e-commerce and integrated POS devices. In addition, the agreement includes fintech payment services.
The POS devices will accept both international and domestic payment schemes, while the fintech options include contactless cards, NFC, QR and bwallet.
In addition, the merchant acquiring services to be provided by AFS will comprise an end-to-end platform, settlement and reconciliation.
Ahli United Bank plans
AFS CEO B Chandrasekhar said: “AFS’ partnership with AUB is part of our greater efforts to further develop the region’s future financial landscape. We are delighted to partner with a leading bank such as AUB, supplying them, their merchants and end-users, with the technologies that are shaping the future of payments acceptance.
“AFS is dedicated to investing in the development of cutting-edge payments and fintech infrastructure and products to provide innovative solutions for our partners and their customers.”
Regulated by the Central Bank of Bahrain, AFS is owned by 39 banks and financial institutions. It delivers end-to-end payment services and solutions.
AUB deputy group CEO of Retail Banking Abdulla Al-Raeesi said: “This partnership will enable AUB to provide unique and latest in payment processing technology to our merchants, which will help make card transactions simpler, smarter and even more convenient for customers.
“We are confident that that this partnership will further enable us to further grow our market share in the acquiring business on account of new enhanced technology platform coupled with various value added services / benefits to merchants and card holders in Bahrain.”