Egyptian Banks Company for Technological Advancement (EBC), the central domestic infrastructure provider for payments in Egypt, has selected ACI Worldwide’s payments platform to help ditch cash and embrace electronic payments.
EBC links 39 banks, and processes millions of transactions per month, which is expected to grow by 100% in the next 18-24 months.
ACI Worldwide said that its solution, known as UP BASE24-eps, will help EBC gain payments stability, scalability and flexibility at the Egypt’s ‘salary programme’ to decrease the amount of cash used in the country.
Under the programme, salaries of over five million government employees will be deposited into bank accounts or on prepaid cards.
While supporting EBC’s extensive network of payments and clearing systems, the new retail payments solution will ensure readiness for future payment types.
Additionally, it will also enable the rapid introduction of new payment methods, adherence to new payment networks or schemes and business flows besides integration with new partners.
EBC CEO and managing director Tarek Raouf said: “As a long-term ACI customer, we know first-hand the capabilities that BASE24 delivers, which is why we wanted to expand our relationship and adopt ACI’s next-generation UP BASE24-eps payments platform.
“We were looking for a solution that not only offered scalability-to meet our goals for growth-but also flexibility-to process new payment types as they are developed by the banks.
“We have a growing and progressive customer base that expects the best when it comes to service, quality and convenience, and with the help of ACI, we are confident we will be able to deliver on those expectations.”