Egyptian Bank Partners ACI Worldwide for Nextgen Retail Payments

Egyptian Bank Partners ACI Worldwide for Nextgen Retail Payments
21.03.2017 12:00 pm

Egyptian Bank Partners ACI Worldwide for Nextgen Retail Payments

Payments , e-Payments

ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time electronic payment and banking solutions, expended its relationship  with the Egyptian Banks Company for Technological Advancement (EBC), the central domestic infrastructure provider for payments in Egypt.

ACI 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 percent 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 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 high mobile pentration rate of 98% to offer new services. 

Tarek Raouf, EBC CEO and Managing Director:
“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.”

Manish Patel, ACI General Manager for Middle East, Africa and South Asia:
“ACI has long been recognized as offering the industry’s leading retail payments platform, delivering global financial institutions the highest levels of scalability, reliability and security, while empowering them to reduce payment processing costs, increase customer loyalty and drive new sources of revenue. Innovative organizations like EBC are leveraging the capabilities of our solutions for a competitive advantage. Following the migration to ACI’s next-generation UP BASE24-eps payments platform, EBC will be able to deliver regulatory and business changes more quickly.”


Related News

Major Eurozone banks start the implementation phase of a new unified payment scheme and solution, the European Payments Initiative (EPI)

A group of 16 major European banks from five countries (Belgium, France, Germany, the Netherlands and Spain) paved the way for the future launch of the European Payments... Read more »

BNY Mellon To Deliver Real-Time Account Validation Services to Corporate and Bank Clients

BNY Mellon today announced a strategic collaboration with risk and payments solution provider Early Warning Services, LLC (EWS). Through this... Read more »

PPRO adds European Paysafecash to its robust local payment method platform

Today, PPRO, the leading local payments platform-as-a-service, announces that it has released a direct integration with Paysafecash, in a move that signifies the brand’s... Read more »

Paycircle and PayDashboard partner to fully digitise payroll and payday experience

Cloud-based payroll provider, Paycircle, and interactive payslip platform... Read more »

SumUp ramps up support for local businesses via Gift Card partnership with Google My Business

UK-based payments service provider SumUp (, today announces a  partnership with Google - which will... Read more »

Royal Bank launches ‘Tyl’ to help Scottish business build for the future

Royal Bank of Scotland has announced the launch of a new, innovative payments service in Scotland. ‘Tyl’ is designed to make it easier for... Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel