ACI Worldwide drives Egyptian Banks Company’s growth plans
The payments provider will expand its relationship with the EBC, the central domestic infrastructure provider for payments in Egypt.
Payments provider ACI Worldwide is expanding its relationship with the Egyptian Banks Company for Technological Advancement (EBC), the central domestic infrastructure provider for payments in Egypt. The group “will help drive the bank’s ambitious growth plans and initiative to move from the use of cash to electronic payments/funds in one of Africa’s most innovative and fastest growing markets.”
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 for customer for more than 20 years, EBC is migrating to the company’s next-generation retail payments solution, UP BASE24-eps, to support an extensive network of payments and clearing systems – as well as ensure readiness for future payment types. 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 that aims to reduce the amount of cash used for transactions in the country.
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