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]

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 MCB Bank, the effective date of amalgamation is April 30, 2019.^[4][5][6]