Paysys Labs has announced a significant partnership with Al Baraka Bank Pakistan Ltd., marking a major advancement in the bank’s integration of the state-of-the-art middleware solution OpenConnect. This initiative aims to enhance the bank’s Real-Time Gross Settlement (RTGS) system connectivity with the State Bank of Pakistan (SBP), ensuring seamless integration with SBP’s updated RTGS system while adhering to all regulatory use cases and development standards.
With this integration, Al Baraka Bank is poised to stay at the forefront of evolving financial technologies, preparing for future formats and ensuring compliance with global certifications such as ISO27001, PCI-SSF, and PCI 3DS. This move reflects the bank’s ongoing commitment to secure and efficient banking operations.
Paysys Labs has expressed its gratitude to Al Baraka Bank for its continued trust and partnership in shaping the future of digital banking in Pakistan.
In addition to its collaboration with Al Baraka Bank, Paysys Labs is strengthening its strategic relationships by partnering with DiXiO, a recognized expert in SWIFT and ISO 20022 solutions. DiXiO will support Paysys Labs in enhancing financial messaging capabilities and ensuring compliance with international standards.
As part of this partnership, DiXiO is hosting a webinar on October 29, 2024, which will focus on the future of ISO 20022 in financial networks. The webinar is anticipated to offer valuable insights into upcoming trends and innovations in financial messaging systems.
This partnership between Paysys Labs and Al Baraka Bank underscores the critical role of collaboration in advancing secure and efficient banking technologies in Pakistan.
