MNET (interbank network)

MNET Services Private Limited was a Pakistani operator of inter-bank connectivity platform of MCB Bank Ltd (formerly known as Muslim Commercial Bank) for online financial transaction processing and offers a managed services portfolio that includes card personalisation & management, mobile payment services and ATM & POS controller hosting.

Logo used in 2001

History

Incorporated in 2001, MNET was the first company in Pakistan to provide a secure electronic inter-bank connectivity platform for online financial transactions.[1]

In 2002, SBP circular for the mandatory connectivity of either of the two switches (1LINK or MNET).[2]

In 2004, SBP instructed 1LINK and MNET to interconnect with each other.[3]

As the pioneer of straight-through electronic financial transaction processing in Pakistan, the company is heavily focused on industry best practices as well as technology based on international standards. Over the years, MNET has broadened its focus to offer value added services (VAS) like bill payments, mobile top-ups, and funds transfer. MNET also offers managed services portfolio to the financial services sector including services such as card personalization and management. Following is the set of key products and services offered: * A "One Stop Shop" – Product / Service Development, Deployment, and Support under one roof * A significantly large network of ATMs and POS (Point of Sale) devices * Deep expertise in plastics (debit/credit) hosting as well as ATM Controller Services * Technology platforms backed by industry leaders like IBM, Euronet, ACI, and Oracle * Strong channel alliances with the largest number of utility companies for bill payment

The company is now being closed as MCB has now become a member bank of 1LINK.

MNET Services Amalgamation with and into MCB Bank

MNET Services (Private) Limited amalgamated with and into MCB Bank, the effective date of amalgamation is April 30, 2019.[4][5][6][7][8][9][10][11]

References
  1. "State Bank of Pakistan". www.sbp.org.pk. Retrieved 2021-01-25.
  2. "State Bank of Pakistan". www.sbp.org.pk. Retrieved 2021-01-25.
  3. "State Bank of Pakistan". www.sbp.org.pk. Retrieved 2021-01-25.
  4. "MCB Bank winds up another Subsidiary". Research Snipers. 2019-11-09. Retrieved 2021-01-25.
  5. Desk, News. "MCB announces amalgamation with MNET Services and 1QFY19 profits of Rs5 bln". Mettis Global News. Retrieved 2021-01-25.
  6. Desk, News. "MCB announces amalgamation with MNET Services and 1QFY19 profits of Rs5 bln". Mettis Global News. Retrieved 2021-01-25.
  7. "MCB Bank winds up another Subsidiary". Research Snipers. 2019-11-09. Retrieved 2021-01-25.
  8. Desk, News. "MCB announces amalgamation with MNET Services and 1QFY19 profits of Rs5 bln". Mettis Global News. Retrieved 2021-01-25.
  9. Desk, News. "MCB announces amalgamation with MNET Services and 1QFY19 profits of Rs5 bln". Mettis Global News. Retrieved 2021-01-25.
  10. "MCB Bank winds up another Subsidiary". Research Snipers. 2019-11-09. Retrieved 2021-01-25.
  11. Rahman, Abdul. "MCB Bank is Looking to Wind Up Another Subsidiary". Retrieved 2021-01-25.
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