MNET (interbank network)

Logo used in 2001

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.

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]

References

  1. ^ "State Bank of Pakistan". State Bank of Pakistan. Retrieved 2022-08-22.
  2. ^ "State Bank of Pakistan". www.sbp.org.pk. Retrieved 2021-01-25.
  3. ^ "State Bank of Pakistan". www.sbp.org.pk. Retrieved 2021-01-25.
  4. ^ "MCB Bank winds up another Subsidiary". Research Snipers. 2019-11-09. Retrieved 2021-01-25.
  5. ^ "MCB announces amalgamation with MNET Services and 1QFY19 profits of Rs5 bln". Mettis Global Link - News. 2019-04-24. Retrieved 2022-08-22.
  6. ^ Rahman, Abdul. "MCB Bank is Looking to Wind Up Another Subsidiary". Retrieved 2021-01-25.