Al Baraka Islamic Bank (AIB), a leading financial institution in Bahrain, has announced the successful implementation of its advanced fraud prevention and detection solution, SafeNet, in collaboration with Global Payment Services (GPS), a prominent provider of innovative payment solutions.
SafeNet, an AI-driven technology, is designed to secure electronic payment channels and non-payment activities. With its deployment, AIB now has access to advanced tools to monitor and protect its Internet Banking Portals, Mobile Banking Applications, Payment Gateways, and other electronic channels. The solution offers real-time transaction analysis and the ability to block, hold, or release payments, ensuring compliance with the regulations set by the Central Bank of Bahrain (CBB).
The new system enhances AIB’s ability to secure a variety of payment types, including Fawri, Fawri+, and internal money transfers, thereby boosting customer confidence in its digital services.
Dr. Adel Abdulla Salem, CEO of Al Baraka Islamic Bank, commented, “The implementation of SafeNet underscores our commitment to providing secure and cutting-edge financial services. This collaboration strengthens our fraud detection capabilities, ensures regulatory compliance, and safeguards our customers’ assets.”
Mr. Ali Arab, General Manager of Global Payment Services, added, “We are proud to partner with Al Baraka Islamic Bank to implement SafeNet. This AI-powered solution enhances payment security and fraud prevention, marking a significant milestone in our mission to provide innovative and compliant payment solutions to financial institutions in the region.”
This partnership not only strengthens Al Baraka Islamic Bank’s financial security but also marks a significant advancement in the digital payments landscape of Bahrain, benefiting both consumers and businesses in the Kingdom.
