Payment news, December 7

AmBank chooses risk management solutions from Experian, while ITCL launches Q-Cash Mobile with Luup.

Experian chosen for risk management by AmBank

Malaysia’s AmBank has chosen credit risk management services provided by Experian to support decision making across its customer base. AmBank will implement Experian’s Probe SM software, portfolio reporting studio and its Basel II modules and consulting.

“These solutions will provide us with information on our portfolio to enable better informed and more ‘conscious’ decision-making, helping us enhance customer satisfaction and build a comprehensive and a more dynamic risk appetite environment,” said Cheah Tek Kuang, AmBank’s group managing director, in a statement. “We are pleased to be partnering with Experian who has a proven track record in this field and we’re confident these solutions will give us a competitive edge in a highly competitive marketplace.”

Petro-Diamond implements solutions from AES

Japanese petroleum trader Petro-Diamond, a subsidiary of Mitsubishi Corporation, has implemented Aspect Enterprise Solutions’ (AES) trade and risk management software-as-a-service for its global operations.

“The pattern of our business is evolving with the times and we are forced to do more position taking in combination with hedges to mitigate risk, which exposed the limitations of worksheet-based techniques,” said Tony Nunan, assistant general manager of the risk management office at Mitsubishi Corporation. “As trading volume increases, so too does the clerical workload and any mistake propagates across multiple worksheets. We feel we need an automated solution that lifts this burden, is integrated and gives full transparency across several geographical locations in real-time.”

The solutions will be implemented in Petro-Diamond’s offices in Singapore, Tokyo and London.

ITCL announces partnership with Luup

IT Consultants (ITCL), an end-to-end payment services provider in Bangladesh, has partnered with mobile payment solutions provider Luup to establish a mobile payments hub, the largest in Bangladesh according to both companies. The new service called Q-Cash Mobile will include mobile banking facilities and both domestic and international remittance capabilities.

“Adding a mobile layer across all our partnerships and services with Luup’s leading mobile payments platform really creates something unique that puts Bangladesh at the forefront of mobile services,” said Kazi Saifuddin Munir, chief executive and managing director of ITCL, in a statement. “Not only that, the new service via Luup also promotes financial inclusion for all the unbanked in Bangladesh in addition to empowering women in rural areas. They will be able to easily manage their money as we will mobile enable the postal cash cards they use instead of accounts.”

Q-Cash Mobile will be extended to include government disbursements, merchant payments, corporate payroll and cashless delivery.

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