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MNET (interbank network)

Pakistani operator of inter-bank connectivity platform From Wikipedia, the free encyclopedia

MNET (interbank network)
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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.

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Logo used in 2001
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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.

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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]

References

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