Amazon Elastic Compute Cloud (Amazon EC2)

SuperCom SPCB, +6.22% a global provider of secure solutions for e-Government, Public Safety, HealthCare, and Finance sectors, announced today that it has signed a memorandum of understanding with a Mobile Network Operator in Latin America to implement and deliver a mobile money solution using SuperCom's SuperPay™ technology.

Both parties expressed their desire to cooperate in building an advanced secure mobile wallet solution to be used by existing subscribers with almost any mobile device and to deploy matching mobile POS technology through the operator's agent network. The solution is intended to provide a range of services such as cash deposits and withdrawals, money transfer, bill payments, account top ups, in-store payments and more. The business model is based on revenue sharing between the Mobile Network Operator and SuperCom.

SuperPay™ is SuperCom's secure mobile payment hybrid suite which brings a new level of secured cross-network mobile payment transaction capabilities. Designed specifically as a flexible end-to-end mobile payments solution, the SuperPay suite is a secure and effective customizable answer for governments, MNOs and banks. Solving major money transfer and payments problems, and considering the unbanked population, SuperPay can be used for depositing, withdrawing and transferring funds and for paying for goods and bills on almost any mobile phone. While supporting multiple payment methods such as mobile-money, credit / debit cards and bank accounts, SuperPay monetary transactions are processed over a tightly-secured closed / open-loop protective layer employing an array of technologies - such as biometric authentication, IVR, and NFC - without additional hardware needed. The SuperPay Suite includes: 

• SuperWallet - an app providing secured financial services on almost any mobile device
• SuperPOS for secured and audio authenticated Point of Sales payments
• SafeMoney for safeguarding against device and network-based threats
• SuperGW - a fully customized payments processing gateway platform
• PayGuard for secured one-click ecommerce payments with multi-level authentication

There is no assurance that the MOU will result in a definite agreement on terms that are acceptable by both parties.

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Financial IT speaks to Michel Jacobs, EVP North America Market and Product Strategy, FIS at Sibos 2015 

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Financial IT speaks to Vijay Oddiraju, CEO, Volante Technologies at Sibos 2015

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Financial IT speaks to Fiona Hamillton, Vice President Euroope and Asia, Volante Technologies at Sibos 2015

• 10.12.2015 -- 12:40 pm

Financil IT speaks to Nadish Lad,  Head of Payments Product, Volante Technologies at Sibos 2015

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Financial IT speaks to Mick Fennell, General Manager, Volante Technologies at Sibos 2015

• 10.12.2015 -- 07:25 am

Financial IT speaks to Pedro Ramos, Deputy Managing Director, China Systems at Sibos 2015.

Kuwait-based Path Solutions today announces that Arab Gambian Islamic Bank Ltd. (“AGIB”) has gone live successfully with its new core banking platform – iMAL R14 on November 9.

Path Solutions is the leading Islamic core banking solution provider for more than two decades, with a proven track record of over 100 clients worldwide. iMAL is the only Sharia-compliant solution available in the market, providing real-time 24/7 non-stop banking. iMAL covers corporate, retail and wholesale banking functions, offering an integrated platform ranging from assets, liabilities and risk management to multiple delivery channels for branchless banking, on which Islamic banks can grow their operations and thrive.

Speaking on the occasion, Muhammed Jah, Chairman of AGIB said: “2015 is a watershed in the life of our bank. For the first time in AGIB’s 17 years of existence, we can now walk tall as a bank with ultra-modern banking technology. This is the beginning of an exciting journey, and I know without a shadow of a doubt that we will unlock the full value of this powerful platform and leverage this achievement to actualize the bank’s objectives, thus making AGIB the ‘bank of choice’ not only for the Muslim Uma’ah, but for the community as a whole”.

Jah noted that iMAL is a truly world-class Islamic software system that will bring AGIB tangible benefits in the way they run their business; for it will allow them to bring new Islamic banking products to market more rapidly.     

AGIB successfully implemented the latest version of iMAL, in six months. The implementation covered the following business areas:

•      Branch Automation

•      Islamic Profit Calculation and Distribution

•      Retail and Corporate Islamic Financing

•      Trade Financing

•      Provisioning

•      Islamic Treasury Operations

•      Central Bank Reporting and Credit Bureau

•      Swift and RTGS Interfaces

•      Clearing Interface

•      Data Migration from a legacy system.

“Today, core system replacement is one of the top priorities of forward-thinking Islamic banks worldwide, because of the inadequacy of legacy systems to guarantee Sharia compliance and to provide a platform for growth and expansion plans”, stated Jacob Zachariah Karuvelil, Executive Vice President - Global Professional Services & Global Support at Path Solutions. “AGIB is the first bank in Gambia to go live with the ground-breaking iMAL R14 version. We are delighted that AGIB is taking full advantage of this revolutionary web-based cloud-ready technology. This is yet another project where teamwork resulted in mutual success, exemplifying our commitment to cultivating a sustainable relationship with our clients that is built on trust, integrity and confidence”.

The new iMAL R14 is a massively scalable Straight-Through-Processing (STP) solution. This re-architected version will give AGIB the flexibility to change its business processes quickly, to respond to market demands more effectively and to scale the business at the pace it requires.