TPS, a leading payment solutions company, today announced that the Bank of Punjab has inked the plans to upgrade its existing switch and middleware technology to IRIS, an omnichannel payment platform. The agreement is in line with the bank’s ambitions to provide the best-in-class and cutting-edge payment services to its customers through various electronic channels.
The Bank of Punjab being one of the largest public sector financial institutions in Pakistan will leverage the industry-leading and highly scalable payment platform technology by TPS to power its digital banking services roadmap covering retail, corporate as well as various government payment programs. IRIS will not only support EMV issuance of MasterCard Debit Card but also enable the bank to employ biometrics for identity verification, preventing card abuse and fraud while providing increased transaction security for customers.
“We are delighted to see TPS continue to transform its payment middleware to meet the industry’s growing needs.” said Javed Iqbal, CIO, the Bank of Punjab, “We see TPS as our long-term technology partner, helping us deliver innovative products and services that meet our customer’s demands. We look forward to taking advantage of the capabilities inherent in the latest version of IRIS.”
“Forward-looking banks in the progressive banking industry understand that they need the right payment platform to support their growth strategy.” said Ahson Saeed, Global Head Business Development, TPS, “TPS has a longstanding relationship with the Bank of Punjab spanning over a decade. Over the years, we have provided the bank our state of the art technology enabling it to provide the highest level of service and features to customers.”
Being a PADSS certified solution from TPS, IRIS has received numerous customer endorsements for its extensibility, reliability, flexibility and ease of use.