Waseela Microfinance Bank Limited (WMBL), the 10th licensed microfinance bank in Pakistan by State Bank of Pakistan, has gone live with IRIS Switch, the next generation Enterprise Switch and Financial Middleware for ATM, POS driving, Debit Cards and IRIS PCMS (End-to-End Prepaid Card Solution).
The project has been deployed in a record duration of 4.5 months where all these services were previously live via an outsourced model. Prior to deployment of IRIS at WMBL, TPS enabled Mobicash to offer bill payment services through its 65000+ agent network. TPS has also enabled WMBL with its state of the art home remittance solution through which WMBL is able to receive foreign remittances directly from exchange houses, banks and money service businesses directly into WMBL accounts and also disburse the remittances from select branch locations.
IRIS is a sophisticated payment solution that enabled WMBL for its Card Management System, ATM, POS & Ecommerce acquiring plans. WMBL customers hosted on Temenos24 – Core Banking solution would be able to avail proprietary as well as a payment scheme cards. Simultaneously, Mobile Wallet customers can also be issued a companion card which can be proprietary or payment scheme cards. The cards can be acquired on banks owned ATM/POS network as well as the shared ATM/POS network with national switch. WMBL will be able to achieve Interoperability between wallets and bank accounts with the entire banking network.
Supported by advanced features of IRIS, WMBL can accelerate the execution of its far reaching strategy, including upgrading the network to support virtual prepaid cards and its new mobile banking initiatives.
The bank will also benefit from a lower Total Cost of Ownership (TCO), increased speed to market and facilitate in channel growth. Additionally WMBL will use IRIS – Prepaid Card Management Solution, a comprehensive end to end prepaid solution, for launching any type of branded or white labeled prepaid cards in the e-banking market domain.
To smoothly execute this migration project, TPS and WMBL have assigned dedicated teams consisting of highly skilled personnel to manage this challenging and strategic project. All assigned resources have worked as a closely-knit team to achieve the challenging project with multiple migration challenges from outsourced platform.