MNET (interbank network)
{{Short description|Pakistani operator of inter-bank connectivity platform}}
{{Primary sources|date=January 2010}}
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.{{Cite web |title=State Bank of Pakistan |url=https://www.sbp.org.pk/70/sup-6.asp |access-date=2022-08-22 |website=State Bank of Pakistan}}
In 2002, SBP circular for the mandatory connectivity of either of the two switches (1LINK or MNET).{{Cite web|title=State Bank of Pakistan|url=https://www.sbp.org.pk/bpd/2002/C20.htm|access-date=2021-01-25|website=www.sbp.org.pk}}
In 2004, SBP instructed 1LINK and MNET to interconnect with each other.{{Cite web|title=State Bank of Pakistan|url=https://www.sbp.org.pk/70/sup-6.asp|access-date=2021-01-25|website=www.sbp.org.pk}}
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.{{Cite web|date=2019-11-09|title=MCB Bank winds up another Subsidiary|url=https://www.researchsnipers.com/mcb-bank-winds-up-another-subsidiary/|access-date=2021-01-25|website=Research Snipers|language=en-US}}{{Cite web |last= |date=2019-04-24 |title=MCB announces amalgamation with MNET Services and 1QFY19 profits of Rs5 bln |url=https://mettisglobal.news/mcb-announces-amalgamation-with-mnet-services-and-1qfy19-profits-of-rs5-bln/ |access-date=2022-08-22 |website=Mettis Global Link - News |language=en-US}}{{Cite web|last=Rahman|first=Abdul|title=MCB Bank is Looking to Wind Up Another Subsidiary|url=https://propakistani.pk/2019/11/09/mcb-bank-is-looking-to-wind-up-another-subsidiary/|access-date=2021-01-25|language=en-US}}
References
{{Interbank networks}}
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