Meezan Bank, being amongst Pakistan’s largest banks to receive inward remittances, has recently partnered with HomeSend, an international Money Transfer Operator (MTO). HomeSend is a joint venture between MasterCard, eServGlobal and BICS, which enables cross-border and cross-network value transfers globally through a single connection.
Under this agreement, the Bank’s Home Remittance service – ‘Meezan Easy Remit’ will start processing remittances sent through HomeSend by millions of non-resident Pakistanis to the beneficiaries in Pakistan. Meezan Easy Remit, provides an easy, fast, and reliable way for customers to send money to their relatives in Pakistan.
Meezan’s state-of-the-art Home Remittance service is empowered by Moneta, a remittance processing solution by TPS. Moneta is a scalable, high-volume, and proven remittance processing system, which provides end-to-end processing of home remittances to banks and financial institutions. It seamlessly connects exchange houses, money transfer operators (MTOs) and the corresponding banks.
Overseas Pakistanis will benefit from the extensive reach of HomeSend’s network and its multiple money transfer channels. Beneficiaries in Pakistan can enjoy the convenience of immediately collecting money sent through HomeSend from Meezan Bank’s wide network of 551 branches in more than 140 cities across the country.
“Our strength are the banks that successfully run our remittance processing solution. We enable integration with the money transfer operators, automate the processes, and ensure that our clients have the latest technology to deliver seamless experience to their customers,” said Mr. Shahzad Shahid, CEO, TPS.
Mr. Arshad Majeed, SEVP and Group Head Payment Services - Meezan Bank said, "We are delighted to be associated with TPS for our remittance service. Their solution has helped enhance our service capability to offer convenience to our customers.”
TPS is a leading provider of cards and payment solutions trusted by over 130 customers spread across 30+ countries. The company provides a combination of technical and business expertise in the area of card management, prepaid cards, multi-channel issuing and acquiring, payment processing, alternate delivery channel management, bills payment gateway and processing, remittance hub and processing, payment gateways and internet and mobile banking.
Meezan Bank is the 8th largest bank in Pakistan. The Bank provides a comprehensive range of Islamic banking products and services through a retail banking network of more than 550 branches supported by a countrywide network of over 500 ATMs, VISA and MasterCard Debit cards, a 24/7 Call Center, Internet Banking and Mobile Banking facility.
Meezan Bank has consistently been recognized as the ‘Best Islamic Bank in Pakistan’ by numerous local and international institutions, which is a testimony of the Bank’s commitment to excellence. These institutions include Islamic Finance News - Malaysia, Global Finance magazine - New York, Asset AAA - Hong Kong, Asiamoney – Hong Kong, The Banker – United Kingdom, Pakistan Banking Awards – Dawn& IBP Pakistan and CFA Association - Pakistan.
The JCR-VIS Credit Rating Company Limited, an affiliate of Japan Credit Rating Agency, Japan has reaffirmed the Bank’s long-term entity rating of AA (Double A) and short-term rating at A1+ (A One Plus) with stable outlook. The rating indicates sound performance indicators of the Bank. Meezan Bank is the only Islamic bank with AA credit rating in the Islamic banking industry in Pakistan.