Egyptian Banks Company (EBC) has extended its payment solutions licensing agreement with ACI Worldwide and also adopted the firm’s latest UP Retail Payments solution.
EBC, which links 38 member banks, is domestic payments infrastructure provider in Egypt. The company is planning to leverage digital technology for further growth and boost financial inclusion in the country.
The ACI UP Retail Payments solution offers a new payments engine that can be used as a base to develop new payments services, including the launch of a national payment scheme.
Egyptian Banks Company chairman and CEO Tarek Raouf said: “As we expand the range of services that we offer – including support for point-of-sale and eCommerce transactions – we need payments technology that offers broad functionality and can adapt quickly to changing market conditions.
“Because the proven reliability of ACI’s solution is complemented with easily configurable modules, EBC is in a strong position to drive the longer-term trend toward a cashless society.”
Institutions will be able to use ACI’s solution to acquire, authenticate and authorise, route and protect card and digital payments from different channels.
ACI Worldwide executive vice-president and growth markets leader Mandy Killam said: “We’re excited to enter this next phase of cooperation with EBC, which promises significant growth in payments volume as the shift to cashless payments gathers pace.”