OT provides Instant Card Issuance for Mashreq Bank in UAE
OT (Oberthur Technologies), a leading global provider of embedded security software products, services and solutions and a forerunner in the payment sector, has been selected by Mashreq Bank to deploy Instant Card Issuance in the United Arab Emirates (UAE).
Mashreq Bank is one of the UAE’s leading financial institutions. Established in 1967 by the Al-Ghurair Group, it is the largest private sector bank in the UAE. With 50 years of experience in the UAE banking and financial services industry, Mashreq Bank is well established as a leading commercial and retail bank.
OT has developed an innovative solution for banks to instantly issue cards. Using this service, the bank can instantly provide a card to its end-users. Customers can open an account and take away their fully personalized debit/credit cards immediately.
The solution provided to Mashreq Bank by OT is currently deployed at 35 branches in both the UAE & Qatar, supporting issuance of over 40 Credit and Debit Card products. OT has deployed its own personalization system in Mashreq’s branches, allowing the bank to benefit from OT’s expertise in EMV card personalization. OT also manages bureau card personalization for Mashreq, which means the chip profiles are only developed once, thus reducing cost and timelines for the bank in addition to making card stock management easier.
“We are very proud that OT has been Mashreq’s preferred partner for EMV personalization for over a decade. Mashreq is among only a handful of banks that provide innovative and convenient payment solutions to its customers”, said Muzaffar Khokhar, Regional President for Russia, Middle East and Africa at OT.
“Mashreq is committed to delivering innovative solutions that improve customer experience and become a source of sustainable differentiation. Our partnership with OT on the Instant Card Issuance solution across the UAE and Qatar, is one such example that allows any Mashreq customer to walk in to our branches and walk out with a Mashreq Credit or Debit Card in less than 30 minutes”, said Pankaj Kundra, Head of Payments and Personal Banking, Mashreq Bank.