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January 11, 2023

On the web

National Bank of Fujairah Introduces CVVkey to Tackle Online Card Fraud

Zawya

"In a nationwide first, National Bank of Fujairah (NBF) has today announced the introduction of CVVkey™, a proven solution to online card fraud that can be used across all credit and debit cards issued by the bank. CVVkey™ will be a key element in NBF’s efforts to improve cybersecurity across its operations and protect its customers from fraud and other online threats... Every few hours, the CVVkey™ app provides a unique 3-digit dynamic security code for each card enrolled in the service. Whenever the three-digit security code on the back of the card is requested (for example, during check out for online purchases), the cardholder simply enters the fresh code from the app on their phone. Thanks to the dynamic nature of the security code, if the card is ever compromised or stolen, unauthorized online purchases will be denied. Recurring payments such as subscriptions, where the merchant has the card details on file, are not affected by switching to CVVkey™."

April 22, 2022

On the web

DIFC-based Tarabut Gateway Becomes the First Regulated Open Banking Platform in the UAE After DFSA Grants Licence

Zawya

“Tarabut Gateway has been granted a licence by Dubai Financial Services Authority (DFSA) to provide money services in and from Dubai International Financial Centre (DIFC). DFSA is the independent regulator of financial services in DIFC, the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region. This licence marks the first time the DFSA has authorised a firm to provide account information services (AIS) and payment initiation services (PIS) activities. By obtaining this licence, Tarabut Gateway further cements its position in the UAE and plans to boost innovation in the sector, set new industry standards, and support the financial ecosystem”

Buna (The Arab Regional Payments Clearing and Settlement Organization)

Linkedin

“The Arab Monetary Fund (AMF) and the African Export-Import Bank (Afreximbank) announced today the signing of a Memorandum of Understanding (MoU) that sets the foundation for cooperation and interoperability between Buna, the cross-border and multi-currency payment system owned by the AMF, and the Pan-African Payment & Settlement System – PAPSS owned by Afreximbank.   Under the terms of this MoU, #buna and #papss will cooperate to achieve efficient interoperability between their respective platforms and act as payment gateways that link the Arab region to the African continent. Buna and PAPSS interoperability will allow their participants to process fast, cost-effective, and secure cross-border payments in multi-currencies, and expand their footprint in the global payment landscape.”

November 4, 2020

On the wires

Visa and NOW Money partner to transform the banking experience for low-income workers across the UAE

“Visa, the world’s leader in digital payments, has partnered with NOW Money , the UAE-based digital account service, to grant low-income customers in the Gulf region access to a full service digital banking solution. Customers will receive a Visa payment card, which can be used online or in any of Visa’s 61 million global acceptance locations, and a NOW Money account, which requires no minimum balance. The agreement will ensure every person – irrespective of their economic background – has access to the highest quality financial services.”