BANK OF KHYBER (BOK) SIGNS AGREEMENT WITH EURONET FOR DIGITAL PAYMENTS AND SWITCH MANAGEMENT SERVICES
The entire solution will be hosted on a PCI-DSS compliant infrastructure in Euronet’s data center facilities in Pakistan and will be fully compliant with the global data security and customer data protection standards. All customer and transactional data will reside within Pakistan ensuring complete alignment and compliance with the local regulatory requirements. Furthermore, service level guarantees with complete safeguard for technology obsolescence including hardware upgrades and business continuity shall factor in to maintain an optimal operational performance for the bank.
The official agreement was signed by Irfan Saleem Awan, Acting MD/CEO of BoK, and Kashif Gaya, CEO of Euronet Pakistan, with senior executives from both institutions in attendance including Shaikh Mashhood Rahman, Chief Information Officer, Asim Bashir, Group Head Digital Banking, Sher Muhammad, Group Head Conventional Banking, Khalid Abdul Aziz, Chief Compliance Officer, Moin Rana, Group Head Operations, Manzar Habib, Chief Information Security Officer, Shahzad Qureshi, Departmental Head Business Technology, Saqib Shahzad, Senior Project Manager, Syed Ghouse Fakhri, Head of Business Development & EPMO and Furqan Habib, Senior Manager Finance from Euronet.
About Bank of Khyber:
Bank of Khyber (BoK) was established in 1991 through an Act passed by the Provincial Legislative Assembly. It was awarded the status of a scheduled bank in September 1994. The Bank enjoys a unique position and stands out amidst other banks operating within Pakistan and has the privilege of being bracketed amongst the only four government banks in the country. The bank has long been associated with business and commercial circles and has been actively engaged in catering to the financial needs of all sectors. It has successfully been involved in extending funded and non-funded facilities to its customers for various business needs. Today, BoK is an “A+” rated commercial bank, operating across the country with a network of 250+ branches/Subbranches and still expanding. The provincial government is the major stakeholder and during our 29+ years of history, the Bank has always played a vital role in the development of Khyber Pakhtunkhwa in particular and participated in the economic development of Pakistan in general.
About Euronet:
Euronet Pakistan is a division of Euronet Worldwide (NASDAQ: EEFT), a leading payment processor and an industry leader in processing electronic financial transactions across over 140 countries. It brings with it the expertise and experience of running the largest payments networks and clients globally dedicated to banking and payments; and has the most comprehensive range of solutions for the broadest range of financial markets and holds leadership positions in payment processing and banking solutions, providing software, services and outsourcing of these payment technologies. Euronet develops synergistic solutions to make payments secure, faster while adding value to your business. It has a very strong footprint in Pakistan offering, card issuance, POS acquiring, ATM driving, e-commerce processing and digital led payment programs for leading banks and fintechs under a fully outsourced and managed services model.