The Banking Executive Magazine - May 2022 Issue

Credit Libanais Credit Libanais has partnered with VISA, the world leader in digital payments, and Codebase Technolo- gies to develop a frictionless, omni- channel onboarding experience for customers looking to acquire virtual prepaid cards. This initiative comes at a time when over 6 million Lebanese are struggling from utiliz- ing their debit and credit cards for purchases made abroad and online. Credit Libanais, worked closely with the Lebanese Central Bank to get the approval on the first digital prepaid eKYC by a Lebanese bank, paving the way to offer the un- banked population a fully digital channel via a mobile application to instantly apply for a virtual prepaid card allowing people across Lebanon a quick and digital solu- tion for international and online payments. Built using Codebase Technologies, award winning Digibanc™ Suite, the solution will feature frictionless eKYC, omni-channel onboarding experiences, and empower Credit Libanais with rapid customer acqui- sition and customers with unique digital experiences. The Digibanc™ Suites modular and flexible archi- tecture will support the necessary enterprise application inter-activity requirements to ensure frictionless communication between various Credit Libanais systems: the bank’s card management system, AML, Email and SMS gateways, in order to validate the information filled by the user. Mrs. Randa Bdeir, Deputy General Manager and Head of Electronic Payment at Credit Libanais said: We partnered with Codebase and VISA and came up with this innovative product that offers any Lebanese cit- izen the ability to apply for a virtual card through a mobile application with full eKYC process, thus reduc- ing the need to visit the bank’s branches and go through the long physical application process”. This solution will drive financial inclu- sion further and grant the unbanked population with equal opportunities to access useful and affordable fi- nancial products and services that meet their needs and leads to a stronger and more sustainable eco- nomic growth and development and will offer any user the ability to use their card abroad with no re- strictions. Tamer Al Mauge, Codebase Tech- nologies Managing Director MENA, commented “Lebanon is going through an unprecedented crisis that is massively impacting people’s lives. We’re proud to be working with strong partners, Credit Libanais, VISA and the Lebanese Central Bank to facilitate a first to market product for the Lebanese people. In line Codebase Technolo- gies vision of utilizing technology for a greater purpose, we can’t think of a better way to leverage our ex- pertise and solutions to empower the people of Lebanon with a new way to access and use much needed financial services.” Mario Makary, Visa’s Country Man- ager in Levant stated “At the heart of our strategy lies access. The concept of ‘access’ for all, regardless of ge- ography, social status, or financial education, that is a vital facet of who we are and what we do at Visa today. By accelerating digital-first experiences, we’re enabling the movement of money for everyone, everywhere. Our experience and re- sources joining forces with Code- base Technologies and Credit Libanais to help bring this service to the Lebanese customers is a mile- stone and we’re excited for the op- portunities this will bring for the Lebanese market during these cir- cumstances”. ISSUE 161 MAY 2022 the BANKING EXECUTIVE 19