MOU Signing Ceremony between Raseen Technologies and Bank Alfalah Limited Pearl Continental

August, 5th, 2009 Raseen Technologies today announced an agreement with Bank Alfalah Limited, envisioned to promote and facilitate the growth of electronic & mobile commerce in Pakistan. This brings bundle of socio-economic benefits to our customers like time and cost savings, convenience, security, flexibility and world-wide recognition of being a hi-tech society.

Under the agreement, Raseen Technologies is offering two of its flagship and fully managed products to Bank Alfalah Limited.

The first one is Raseen Payment Gateway which will enable Bank Alfalah Limited merchants to accept credit card payments at their websites. As a result of this deal, for the first in the history of Pakistan, the 3DSecure based chargeback protection for merchants has been made available. Merchants can now sell their products and services with a peace of mind. Consumers can also request their banks for 3DSecure PIN to protect their cards from fraudulent use.

The second product offered by Raseen is Wallet Management System that will enable Bank Alfalah Limited to offer mobile payments and branchless banking services to everyone who has a valid CNIC issued by NADRA and a valid mobile phone connection from any operator. Money can be sent and received with a touch of a button. Payment would also be possible at normal shops using the normal mobile phones. The service is in-line with regulations from State Bank of Pakistan in this regard.
 

Bank Alfalah Limited

The new services have been planned for piloting starting next month i.e. September.
Bank Alfalah Limited values its customers as the most important element in our system. To provide unparallel services to our customers we have been streamlined our processes, reducing turn-around time on transactions, offering specialized services and customized products. Today Bank Alfalah Limited stands firmly with over 300 branches across Pakistan, including more than 45 Islamic Banking Branches. Bank Alfalah Limited has been working on upgrading its IT infrastructure. A superior software Temenos T-24 is being introduced to replace the existing Bank Smart System. This change would further improve the IT processes. The management of Bank Alfalah has great faith in the strength and future economic potential of Pakistan; we will continue to grow our operations, branch network and range of our banking products, which would enable Bank Alfalah to become the strongest and progressive bank.