ACI Worldwide expands partnership with Egyptian Banks Company

ACI will help drive the bank’s growth plans and initiative to move from the use of cash to electronic payments/funds in Egypt.

EBC connects 39 banks, and processes millions of transactions per month, which it expects to grow by 100% in the next 18-24 months. An ACI customer for more than 20 years, EBC is migrating to the company’s retail payments solution, UP BASE24-eps, to support its network of payments and clearing systems. EBC operates the Egyptian debit card scheme and offers a gateway to international and regional networks. It also operates the Automated Clearing House Network (EG-ACH).

ACI’s retail payments solution will help power EBC and Egypt’s salary programme, an initiative launched by the Egyptian government with the aim to reduce the amount of cash that is used for transactions in the country. The programme will see the salaries of more than five million government employees deposited into bank accounts or on prepaid cards. Additionally, banks are planning to offer financial services to the unbanked population and will be using the country’s mobile pentration rate of 98% to offer new services.

UP BASE24-eps is a key component of ACI’s UP Retail Payments solution, which enables the introduction of new payment methods, adherence to new payment networks or schemes and business flows as well as integration with new partners. Using the UP Framework, UP BASE24-eps enables deployment of end points and interfaces through configuration rather than custom coding. As a result, it positions banks to address changing market needs – such as real-time payment schemes and numerous regulatory and technology demands.

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