BBAC is one of the first Lebanese banks in Cyprus to apply PSD2 on its new Digital Banking Platform

In its constant aim to boost customers’ banking experience, BBAC has recently launched a new Digital Banking Platform for its customers in Cyprus. With a fresh look and feel and innovative features and functionality, the platform also supports EU’s Revised Payment Services Directive (PSD2) - a directive aimed at providing increased flexibility and security to customers in the execution of electronic payments within the EU. PSD2 ensures more transparency as well as greater customer choice and control over financial assets and personal data. Its objectives are to make payments safer and increase customers’ protection when transacting online.

The directive ushers in a new era of ‘Open Banking’, where customers are granted unprecedented freedom in how they access financial services and an increasing level of control over how, when, and where they use their banking services. With the application of PSD2, BBAC’s Digital Banking Platform for Cyprus now allows customers to link their accounts at BBAC and other financial institutions across EU to a regulated Third Party Provider (TPP) in order to transfer money securely between these accounts and have a consolidated financial overview of balances and transactions. Customers will also be able to give permission to a regulated TPP to initiate payments from their accounts on their behalf, noting that regulated TPPs will not, under any circumstances, gain access to customers’ accounts unless they have been given explicit consent to do so.

“As a customer centric bank with an innovative mindset, we believe it is extremely vital that we embrace major technological developments as opportunities to further innovate and develop, especially that we are surrounded by disruptive technologies that are changing the face of the world as we know it. This is why we have recently undertaken concrete steps to be more digitally mature through the implementation of our new Digital Banking Platform for Cyprus, and have actively embraced the new open payment landscape, which we believe will both benefit and invigorate our customers”, said Mr. Nadim Hamadeh, BBAC’s AGM for Banking.

“Additionally, at BBAC, we aim to reach the perfect balance between technical developments and security advances by investing in improving our customers’ experience while ensuring their funds and data are protected. With this in mind, our customers can expect to be kept informed about the safety and security regulations of transacting online under PSD2”, he added.

BBAC awarded “Best Bank for Banking Services Quality”

BBAC has once again established its excellence in the banking field and in the services it provides to its customers. The Bank was awarded the "Best Bank for Banking Services Quality" by the ‘World Union of Arab Bankers’ at the 2019 Arab Banks Awards and Commendations of Excellence 5th annual ceremony. The event was held at Beirut Waterfront Center and attended by senior bankers and VIPs from international and regional institutions.

The award was granted to BBAC's Chairman and General Manager, Sheikh Ghassan Assaf, who expressed his gratitude to the World Union of Arab Bankers for their appreciation of the bank's efforts to elevate the quality of banking services to a higher level. “BBAC receiving this award is a sign of our customers' trust in us as we always strive to enhance our products and services to meet the needs of our customers and to strengthen our relationships with them. What differentiates us at BBAC is our dedication to care that motivates us to grow and inspires us every day to give our utmost as a bank to our customers as well as community”, Sheikh Assaf commented.

This is not the first time that BBAC receives an award from ‘World Union of Arab Bankers’. In 2016, it won the “Best Customer Service Bank” award in addition to "Best Brand Identity and Slogan” award in 2018.

It is worth mentioning that the awards of excellence and achievement of banking are granted annually according to the criteria and requirements determined by the ‘World Union of Arab Bankers’, a banking group consisting of 600 members spread around the Arab world and some other foreign countries. World Union of Arab Bankers also publishes a specialized magazine in Banking and Finance called “Executive Magazine” that hosts ceremonies awarding for the achievements of Arab banks.

BBAC supports the ‘Founder’s Journey’ of the Arabnet Beirut for the 2nd consecutive year

BBAC sponsored, for the 2nd consecutive year, the ‘Founder’s Journey’ initiative of Arabnet Beirut; in its 10th edition, this event is considered as the most influential digital conference in the MENA region.

Dedicated to up and coming entrepreneurs, innovators and startups, the ‘Founders’ Journey’ initiative aims at helping them learn from successful entrepreneurs and industry professionals who shared their inspirational journey and tips on how to overcome obstacles and build a successful business model. Cognizant of the importance and impact of new technologies and digitalization, BBAC will continue to support digital innovation and entrepreneurship as key drivers for Lebanon’s future economic development.   

The conference was held on June 12 & 13 at the seaside arena under the High Patronage of His Excellency The President of the Republic of Lebanon General Michel Aoun and in collaboration with the Lebanese Central Bank. It witnessed over 4,000 attendees, in addition to speakers, exhibitors, startups and investors who gathered to discuss the latest trends shaping the digital sector, as well as opportunities for companies working in that sector.