MCB Bank Limited (MCB), one of Pakistan’s leading financial institutions, has partnered with BPC, a global leader in payment solutions, to implement the SmartVista Fraud Risk Management Solution. This collaboration aims to strengthen the security of MCB’s digital banking channels, ensuring greater protection for its customers against emerging digital fraud threats.
The agreement was formalized in a signing ceremony attended by key figures, including Mr. Waqas Mahmood, Chief Compliance Officer of MCB, and Mr. Furrukh Ali Baig, Managing Director Pakistan at BPC, along with senior leadership from both organizations. The move is in direct response to the State Bank of Pakistan’s 2023 directive, which requires all banks to bolster the security of their digital banking services. The directive mandates the implementation of a consolidated, centralized fraud management system capable of preventing fraud in real time through advanced artificial intelligence (AI) and machine learning models.
By integrating BPC’s SmartVista solution, MCB aims to provide its customers with a more secure digital banking experience. The AI-powered system will enable real-time detection and prevention of fraud, ensuring that customers’ transactions remain secure, while reducing the risk of financial crimes in the digital space. This collaboration reflects MCB’s ongoing commitment to providing innovative, secure financial solutions that align with the latest regulatory requirements and enhance customer trust.
The implementation of SmartVista will also help MCB stay ahead of the curve in terms of digital security, further reinforcing its position as a leader in Pakistan’s banking sector. Through this partnership, MCB is not only adhering to regulatory mandates but also advancing its broader digital transformation strategy, which focuses on utilizing cutting-edge technology to offer more secure and efficient banking services. With cyber threats becoming increasingly sophisticated, MCB’s proactive approach in adopting AI-driven fraud risk management highlights the bank’s dedication to safeguarding its customers and their financial assets in an increasingly digital world.