Silkbank, through their latest agreement with Singapore-based Silverlake Axis, is upgrading its card management suite to use Silverlake’s latest platform dubbed Symmetri OmniCard V6.
The Pakistan-based commercial and Islamic bank intends to expand its credit card footprint with OmniCard V6, an internationally certified card management system that allows banks to run flexible and secure operations. These include issuing and acquiring of all types of credit, debit and prepaid cards, ATM management, 3D secure e-commerce transaction processing, management of fraud, disputes, and cardholder’s loyalty.
Gyorgy Ladics, CEO of Silverlake Symmetri, said that Pakistan continues to establish itself as a fast-growing market, with huge potential for building its credit card market. Silverlake serves about 80 percent of the domestic market.
“Silkbank always aims to stay ahead of the market by introducing unique products supported by latest technological tools,” said Nabeel Malik, Silkbank’s executive director for strategy implementation.
“As we continue to transform and advance the banking landscape in Pakistan with our innovative product offerings and best-in-class services, the in-depth experience, system understanding, and professionalism of Silverlake team will be a key factor for us to grow with confidence,” said Malik.
Silverlake Symmetri OmniCard is a universal card and payment management system, designed to help both acquiring and issuing institutions to run efficient, secure and profitable operations.
Banks can reduce time to market for new card products while at the same time offer excellent service to drive loyalty across the customer base. The solution also enables them to cross-sell and up-sell, while reducing fraud and risk, and ensuring regulatory compliance.
“With Silverlake Axis already issuing 80% of cards in the market, Silkbank’s partnership to deploy our credit card solutions only solidifies our leadership position in Pakistan,” said Ladics.
“However, it’s only one step in our growth plan,” added Ladics. “We are seeing strong opportunities across the MENA, South and Southeast Asia regions with our Islamic and retail banking partners as well.”