Al Taif Group signs Covalent to form digital payments platform
New payments partnership is formed at Cards & Payments Middle East in Dubai
Al Taif Money Transfer (TMT), a subsidiary of Al Taif Group Iraq signed up Covalent, for a joint venture of TPS and Access Group to enhance their cards and payments infrastructure.
Covalent will setup an extensive outsourced white labelled digital payments platform that will serve TMT customers that is both flexible, scalable yet future safe.
This ideally positions Covalent as a regional cards and payments processor and with its white labelled digital payments platform any potential Covalent customer can easily and quickly deliver services to a wide variety of customers worldwide.
Covalent extensive suite of services covers everything from payment instruments, such as debit, prepaid cards, to their forms, including EMV, Magstripe, NFC, to an array of acquiring options including ATMs, POS, mPOS, Payment Gateway, and to an elaborate back end services suite with options like merchant management, bill payments, standing instructions, fraud and risk management.
"With Covalent at our side, we are at ease as we know they will deliver on time and with the quality that is the hall mark of both Access Group and TPS" said Farhan Al Musawi CEO AL Taif Group. "Our group takes pride in being the trend setter in Iraq and the region. Tasking Covalent with setting up our extensive electronic banking infrastructure speaks volumes about our trust in Covalent. And we strongly believe that it is the best blend of technology and expertise that we can get here in the Middle East"
Han Wang, general manager at UnionPay International Middle East added: "We are accelerating our expansion in the Middle East. This deal will substantially increase UnionPay's presence in the region. We were impressed with TPS's proven international track record as a card and payments system provider as well as their demonstrated speed to market. Through cooperation with market leaders like TPS, we are able to keep improving our acceptance network and card-using channels in the Middle East, offering convenient payment services to tourists as well as local residents."
Covalent is the newest cards and payments processor in the region and was formed with the objective of leading the way towards digital transformation of banks in the most cost effective and efficient way.