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Al Baraka Bank, Euronet Pakistan form outsourcing alliance

December 19, 2013

Al Baraka Bank, an Islamic FI in Pakistan, has announced plans to outsource its electronic banking services through Euronet Pakistan. Euronet will provide UnionPay debit cards, ATM driving and management, middleware, gateway services and 24/7 operations and monitoring.

As a result of the outsourcing arrangement, Al Baraka will gain access through its electronic banking channels to transactions that include utility payments for additional companies, an interbank funds transfer facility, and an interface with the bank's retail Internet banking system.

"Outsourcing is cost effective and ensures the quickest time to market, which is our topmost priority for any initiative," said Farah Naz, head of strategic planning and marketing for Al Baraka. "We believe this partnership with Euronet and UPI will help us grow and add more advanced, valuable and revenue-generating services quickly and cost effectively."

"With Al Baraka joining our outsourcing platform we are now covering close to 30 percent of the local market, a milestone that speaks volumes about the trust local banks have in our service delivery," said Shahid Latif, managing director at Euronet Pakistan. "Local banks have realized that outsourcing certain technological and operational areas is both cost effective and necessary to achieve both short- and long-term objectives."

Read more about outsourcing.