Rakbank picks Etisalat as its managed service partner

Natalie Bannerman
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Etisalat has signed an agreement with Rakbank to provide managed point-of-sale services to its customers

Etisalat and Rakbank have signed a Memorandum of Understanding (MoU) for managed point of sale services.

Commenting on the news, Salvador Anglada, chief business officer at Etisalat, said: “Today’s announcement will be a unique approach for the UAE banking industry and will set a benchmark in the telecom industry. Etisalat will work closely with Rakbank during this implementation phase of its merchant acquiring business to make sure that critical Point of Sale operations and service deliveries are efficiently managed meeting the long term objective of the bank to become a leading and innovative payment solution and services provider in the UAE.” 

Under the terms of the agreement, Etisalat will provide Rakbank with last-mile Point of Sale (PoS) operations as its managed service partner, a move both companies claim is a first in the UAE payments and banking industry.

Peter England, CEO of Rakbank, said: “We are delighted to be working with Etisalat on this partnership, one which capitalises on the core strengths that both parties bring to the table. We are always looking to bring our valued customers more flexibility, convenience and choice. Our strategic partnership with Etisalat gives us the opportunity to support our SME and corporate customers and the wider UAE merchant community by offering them cost effective payment acceptance solutions coupled with superior service delivery. A unique and first-of-its-kind partnership like this will also allow RAKBANK to focus on its aggressive acquisition, relationship management and product development activities to bring innovative and customer friendly payment solutions to the UAE market with an aim to make payments simpler and safer.”

Only yesterday, Etisalat was reported as having joined up with Huawei and Deloitte to launch a program promoting the technologies involved in helping businesses in their digital transformation journey. All three firms believe that a future telecom cloud will require an overhaul of telecoms networks’ infrastructure and system architecture to address customers’ digital needs, delivering intelligent, quicker and more reliable value-added services.