Network International has renewed its payment processing and back-office management agreement with Emirates Islamic, the Dubai-based payments company said on Thursday.
Under the renewed deal, Network will continue to provide payment processing and back-office management services to the UAE Islamic lender. The companies did not disclose financial terms or the length of the agreement.
The partnership has widened in recent years to include real-time data services and other services that draw on Network’s merchant acquiring business, Network said.
The most recent addition is Slice, Network’s installment product, which lets customers split payments into four to eight installments without additional fees.
“This renewal builds on a strong foundation in payment processing while creating further opportunities to bring new capabilities and value-added services to the partnership,” said Murat Cagri Suzer, group chief executive officer of Network International.
Farid AlMulla, chief executive officer of Emirates Islamic, said the collaboration had expanded beyond core payment processing and back-office services “to include real-time data capabilities and customer-focused solutions.”
Emirates Islamic, part of the Emirates NBD group, reported on Wednesday that its nine-month net profit held at AED2.7 billion as customer financing grew 14.4%.
