This product can significantly improve the PayCard customers quality of life
Las Vegas, NV (PRWEB) May 16, 2017
Paystar, Inc (Paystar) and its joint venture Translink Global Processing G.P.M.E. (Translink), is introducing mobile phone remittance payment services to its clients for sending funds from the Middle East to South East Asia and sub-continent India. Paystar, a USA-based mobile payment provider with a global footprint, has partnered with Commercial Bank to provide the service in Qatar.
Commercial Bank, Qatar’s first private bank, has launched the service in the Qatar marketplace, by offering its PayCard customers the option of remitting monies home through their mobile phone, anytime and from anywhere.
This new mobile payment service allows PayCard customers to instantly send secure remittance transactions via SMS. Transactions are securely initiated by the remitter in Qatar using two-factor authentication. Remittances are sent to foreign beneficiaries in real-time and appear instantly on the both accounts.
This is the first time a major commercial bank has offered a cross-border instant mobile payments service to its payroll card customers in Qatar. Commercial Bank has chosen to partner with Paystar because of its proven technology, experience, strong organization and focus on compliance.
Amit Sah, Commercial Bank EGM, Consumer Banking said: “Commercial Bank has the leading PayCard solution in the market, providing an invaluable service by ensuring all employee salaries are paid electronically. In addition, providing a mobile-based solution to allow our PayCard customers to send money home is an important need for these customers, who often have limited time and resources to travel and spend many hours standing in queues at exchange houses. We believe this product can significantly improve their quality of life, as sending money home is now made quicker and easier through their mobile phone.”
Tim Wood, President of Operations for Paystar, Inc said: “Paystar has been ahead of the market in its development of payment technologies for years and now we have proven our solutions work much better and are more reliable than expected. We can move funds from a consumer’s personal debit account at the bank and deposit them onto their beneficiary’s debit account at a foreign bank within our network almost instantly. The beneficiary is notified via SMS of the deposit to their account and the funds are available immediately for spending or ATM withdraw. The service is also being competitively priced in the market place with CBQ offering a remittance fee at half the local rate. Workers sending funds home from Qatar now no longer have to wait in line at payment locations and can quickly and conveniently send funds from their mobile device with an SMS message. This makes it easier for remitters to send multiple payments home any day of the week, 24-hours a day.”
For more information about Paystar, please contact:
For more information about Commercial Bank please contact:
EGM, Chief Marketing Officer
Tel: +974 440 0169
About Commercial Bank
Commercial Bank has total assets of QAR 130.4 billion as at 31 Dec 2016. As a full service commercial bank, the Bank offers a full range of corporate, retail and investment banking services as well as owning and operating exclusive Diners Club franchises in Qatar and Oman. The Bank’s countrywide network includes 29 full service branches and 181 ATMs.
Profitable every year since incorporation in 1974, continual investment in technology and human capital, together with a strong capital base, provides a solid foundation for continued growth. A successful diversification strategy has expanded Commercial Bank’s GCC footprint through strategic partnerships with associated banks, the National Bank of Oman (NBO) in Oman and United Arab Bank (UAB) in the UAE. NBO, the second largest bank in Oman with total assets of OMR 3.5 billion as at 31 Dec 2016, has 60 conventional branches and 6 Islamic branches in Oman and 1 branch each in Egypt, Abu Dhabi and Dubai. UAB is headquartered in Sharjah, with total assets of AED 21.3 billion as at 31 Dec 2016, and operates 22 branches across the emirates in the UAE. Building on the successful execution of the Bank’s expansion strategy to date, Commercial Bank acquired a majority stake in Alternatifbank in Turkey in 2013 and became a 100% owner through put option exercised on 19 December 2016.
Commercial Bank enjoys strong credit ratings of (A2) from Moody’s, (A+) from Fitch, and (BBB+) from Standard & Poor’s. The Bank is listed on the Qatar Exchange and was the first Qatari bank to list its Global Depository Receipts (GDRs) on the London Stock Exchange. Commercial Bank’s Swiss Franc bond issuance in December 2010, listed on the SIX Swiss Exchange, was the first public bond issuance by a Qatari bank in Switzerland. Commercial Bank’s latest bond issuance in June 2014 and June 2016 are listed on the Irish Stock Exchange.
Commercial Bank was awarded “SME Bank of the Year” for 2016 by The Asian Banker based on its wide-ranging achievements over the past three years, specialised team and customer focused products and services for SMEs. Commercial Bank also won the “Best Contact Centre” award at The Gulf Customer Experience Awards 2015 for outstanding customer service. In recognition of its CSR activities benefitting the Qatari community, Commercial Bank was awarded the “Best CSR Report”, at the Corporate Social Responsibility awards ceremony for organisations in Qatar. The Bank won “Best Cash Management Bank in Qatar” award at The Asian Banker Middle East & Africa Transaction Banking Awards in 2016 and the “Best Investor Relations award for mid-cap companies” at the Qatar Stock Exchange’s annual IR awards ceremony in 2017 recognising best practice in Investor Relations.
The Bank is dedicated to supporting Qatar’s community and social infrastructure through Corporate Social Responsibility programmes and sponsorship of various events. Title sponsorship of the Commercial Bank Qatar Masters reflects the Bank’s promotion of excellence in sports and its keen interest in enhancing Qatar’s international sporting reputation.
About Alternatifbank (ABank)
ABank was established in 1991. Commercial Bank became the majority shareholder in ABank in 2013 holding a 74.24% stake, following the acquisition of ABank shares of 70.84% from the Anadolu Group and 3.40% through a public tender offer. In December 2016 the bank completed the put option exercise of purchasing 25% of share in Abank from Anadolu group. Currently the Bank owns 100% of ABank shares.
ABank is a mid-size Turkish bank that predominately serves medium-sized companies through a country-wide network of 53 branches. ABank provides commercial/corporate banking services and products, with a special focus on the growing segment of Small and Medium-Sized Enterprises. ABank’s main product ranges cover trade finance instruments, working capital finance, cash management, and portfolio management.
31 Dec 2016, ABank had total assets of TL 17.5 billion, total loans stood at TL 11.3 billion, customer deposits of TL 8.1 billion and shareholders’ equity of TL 1.3 billion.
Paystar is a leader in mobile remittance solutions and provides business solution that enable financial institutions to transform the way remittance services are delivered. Paystar’s highly-experienced team along with our proprietary innovative technology is dedicated to giving consumers access to new cost-saving convenient solutions and gives financial institutions the ability to capture additional revenue sources. The company has been developing and operating mobile payments solutions since 2012. Paystar is incorporated in the State of Delaware, USA and has offices in Henderson, NV and joint partnership offices with Translink in Dubai, UAE.