Soneri Bank’s successful strategic alliance with Covalent paves the way for technological transformation

9 December 2016

Soneri Bank with its recent strategic alliance with Covalent, Access Group and TPS Joint venture brings together the combined expertise of all the companies on one common platform, with mutual goals for successful digital transformation.

With this collaboration with Covalent, Soneri Bank will experience enhanced customer experience, efficient launching of new products and services, easier integration with other systems, easy access to data and information, and an expansive yet flexible platform. In our mission to provide innovative and efficient financial solutions to our customers and in regulation with the State Bank of Pakistan’s payment cards upgrades, Soneri Bank has embraced digital transformation.

As part of the agreement, Covalent will setup an EMV Compliant Card Management System to power Soneri Bank EMV Debit MasterCard program. This will provide Soneri Bank a world of possibilities and with IRIS at the core, EMV acquiring, Cardless Withdrawal and Prepaid Card Issuing will be future initiatives.

“We conducted an extensive review of several alternatives and determined that Covalent is suitable for us,” states Amin A. Feerasta Chief Operating Officer at Soneri Bank. “Covalent wants us to innovate with their state-of-the-art IRIS platform and services. With common goals we will successfully optimize our service delivery.”

“Having a progressive technology business partner is crucial for banks in this technological era because it ultimately influences our customer service experience,” said Ahmed Saqib Asad, CIO, Soneri Bank. “We believe Covalent will empower us with innovative technology to drive a more rewarding customer relationship and greater service efficiency.”

“Being able to identify with Soneri Bank’s technology requirements and innovate accordingly is a way forward to a sustainable and mutually beneficial business relationship. Our technology will provide Soneri Bank with the ability to launch different products of their choice with ease that will enhance their value to their end customers well into the future.” says Imran Qureshi CEO Covalent & President Access Group.

“Quick response to market, efficient services and innovative technology are key enablers of success for progressive banks like Soneri Bank. Covalent is committed to delivering best-in-class results for Soneri and enabling them to better serve their customers.” said Shahzad Shahid, CEO TPS & Director Covalent.

Covalent is the 1st Local Collaboration on the Cloud, formed with the objective of leading the way towards digital transformation of banks in the most cost effective and efficient way. We offer a white labeled digital payments platform that can address both the short and long term objectives of any financial institution, processor or telco. Incorporated in 2016, we are a joint venture between two leading industry players, Access Group and TPS. This strategic alliance brings together the combined expertise and domain knowledge of both companies, providing the best of the best for the local market. Be it normal electronic banking transactions, ecommerce transactions, loyalty management or mobile payments, we want to change the way the masses transact with newer and innovative ways of making digital payments.

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