On the occasion of Cards and Payments Middle East 2007, Visa Jordan and STS held a gala dinner announcing the launch of PAYNET; a regional e-payment processing service for acquires and merchants in Middle East and North Africa (MENA); based in Amman and Dubai.
Owned and operated by a joint venture formed by Visa Jordan Card Services (VJCS) and Specialized Technical Services (STS), PAYNET™ provides secure payment processing services for major payment card brands (e.g. Visa, MasterCard) and direct bank account debit across the Internet enabling several applications including: e-commerce, e-government, electronic bill payment, donations, account Top-Ups and business to business applications, only to mention a few.
Sadek Shunnar, PAYNET’s executive director said: “We are very proud be recognized by leading regional banks as a global player in the payment processing domain”. Shunnar also stressed PAYNET’s commitment to become the region’s e-payment backbone. “We will be holding a major event to inaugurate the service in Amman, within the coming two months”, concluded Shunnar.
The continuously expanding network of PAYNET™ members currently includes more than 30 different acquirers and merchants in MENA. The platform additionally provides the capability to process any non-traditional payment methods (including locally branded cards, e-Wallets and stored value). This enables both acquirers and merchants to cater for a larger market segment of payers in the region.
Janti Abdallah, PAYNET’s director of business development said: “We work with our members on a partnership basis, where we exclusively expose our accumulated best practices and proven business procedures (e.g. merchant on-boarding and certification) for the benefit or our members. This obviously increases the efficiency of their operations, reduces necessary time-to-market and enables them to stay focused on their core business instead of having to deal with distracting issues”.
PAYNET hosting facilities are 3-D Secure certified, and implement the top of the line measures of high availability, 24*7 Support, business continuity, connectivity, data encryption, disaster recovery and physical security that are necessary to process and store data corresponding to millions of financial transactions, necessary for running such a mission critical systems. Within its “Certified PAYNET™ System Integrator”, interested IT companies in MENA countries are trained and certified to perform integration, hosting and local technical suppor ”
