Karachi, March 20, 2019: In order to facilitate the overseas Pakistanis, Meezan Bank Limited has decided to implement a new remittance processing system for timely payments.
In this regard, Meezan Bank-Pakistan’s leading Islamic bank, has signed a landmark agreement with Computer Research Private Limited (CR-PL) for implementation of a new remittance processing system across the country.
Under the said agreement, CR-PL has implemented a new remittance processing system that will enable the Bank’s Cash Over the Counter (CoC) customers to authenticate their remittance via biometric verification.
The system will also enable payment automation of settlements and assist the Bank and its partners in client integration. The implementation of the new system will further enable the Bank to reduce the overall payment processing time.
The Bank will hence be able to minimize risk and maintain effective compliance standards through integration with its centralized screening system for enhanced Customer Due Diligence (CDD).
Ariful Islam Deputy CEO, Meezan Bank while speaking at the occasion, said that taking into account the needs of non-resident Pakistanis, Meezan Bank aims to bring a greater value proposition to its global clientele.
The implementation of a new home remittance system is also an important step towards ensuring compliance of Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) policies in home remittance.
This is a commendable initiative taken by Meezan Bank that will provide the customer with a hassle-free and reliable service to send money back to their loved ones, he added.
Khalid Jameel Shamsi, CEO CR-PL also lauded Meezan Bank’s implementation of the new system, saying that it was heartening to see Pakistani banks staying up-to-date with technological advancement.
The signing ceremony was held at Meezan Bank’s Head Office, Karachi and was attended by Shahid Anjum Chief Marketing Officer and Muhammad Jawwad Project Manager from CR-PL and Shahzad Abdullah Head of Treasury and Home Remittances, Mehdi Abbass Nandwani Unit Head Home Remittance and Faiz Ur Rehman Group Head Information Technology & Digital Banking from Meezan Bank, with respective team members.
