News from the Wire

MCB Bank, BPC boost digital security with SmartVista

Tuesday, December 03, 2024 — 13:10:17 (EST)

Karachi, 3rd December 2024 — MCB Bank Limited (MCB), one of Pakistan's leading banks, has selected BPC, a global leader in payment solutions, to strengthen the security of its digital channels by implementing the BPC SmartVista Fraud Risk Management Solution.

The agreement was signed by Mr. Waqas Mahmood, Chief Compliance Officer MCB, and Mr. Furrukh Ali Baig, Managing Director Pakistan at BPC in the presence of senior leadership from both organizations.

In accordance with the State Bank of Pakistan's 2023 directive for all banks to enhance the security of digital banking products and services—which mandates the implementation of a consolidated and centralized fraud management system capable of real-time fraud prevention using AI-based machine learning models—MCB has reaffirmed its commitment to delivering innovative financial solutions while upholding the highest standards of security for its customers through the implementation of the SmartVista Fraud Risk Management solution.

SmartVista Fraud Risk Management Solution is a next-generation AI-powered solution that will provide MCB with a suite of advanced features to bolster its fraud prevention capabilities. The solution offers real-time monitoring and a comprehensive view of customer transactions across all channels, enabling the customer to detect and respond to suspicious activities instantly. Its sophisticated link analysis examines relationships between transactions, accounts, and entities to uncover complex fraud networks and behavioral patterns that might evade traditional detection methods. The system allows customers to track fraud based on rules and the statistical profile of customers leveraging AI/ML-powered models, allowing the customer to continuously adapt to emerging fraud patterns and will allow MCB to stay way ahead of new and evolving threats.

Mr. Shoaib Mumtaz, President and CEO at MCB Bank, said: "At MCB Bank, the security of our customers and their financial data has always been and will remain our highest priority. With the adoption of the SmartVista Fraud Management solution, we are further strengthening the digital safety of our valued customers while proactively enhancing our digital banking infrastructure. This state-of-the-art technology will enable us to detect and prevent fraud in real time, ensuring that our customers continue to enjoy a secure and seamless banking experience as we drive innovation in the financial sector."

Mr. Furrukh Ali Baig, Managing Director Pakistan at BPC, added: " We are honored to onboard MCB in their mission to strengthen fraud prevention measures. Our SmartVista Enterprise Fraud Management solution is designed to meet the evolving challenges of digital fraud. By leveraging advanced AI and machine learning technologies, we are confident that MCB will be well-equipped to protect their customers and stay ahead of emerging fraud threats. At BPC, we are committed to supporting innovation and aligning with MCB's goals. Our next-generation SmartVista platform provides the right tools to drive innovation and deliver secure digital payment experiences."

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About MCB Bank Limited

MCB Bank, is one of the largest and most innovative banks in Pakistan. The bank operates a strong and vast network of vver 1,450 branches and over 1,450 ATMs in Pakistan and 11 overseas branches. With a customer base of over 8 million, MCB leads the banking and financial services sector in Pakistan and customers across the globe have 24/7 access to MCB Bank via our innovative and accessible digital banking services.

ABOUT BPC

BPC is a proven industry leader that is shaping the world of transactions with quick, safe and easy payment processing. With a focus on exceptional technology development and customer service, BPC helps financial institutions and businesses to deliver innovative and best-in-class proven solutions that fit with today’s consumer lifestyle when banking, shopping, or moving in both urban and rural areas. With more than 450 customers across 120 countries, BPC collaborates with all ecosystem players to deliver services for the digital world. Its core product SmartVista suite comprises cutting-edge banking, commerce, and mobility platforms that enable innovative solutions for digital banking, ATM and switching, payments processing, card, and fraud management, financial inclusion, merchant portals, transport, and smart cities. To find out more about how BPC can help businesses deliver a seamless payments processing experience to consumers, please visit www.bpcbt.com

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Source: Company press release.