Aug 06, 2013
BPC Banking Technologies is proud to announce that an agreement with Palestine Monetary Authority for the implementation of the National Switch electronic payment system has been signed.
The new system, powered by BPC’s SmartVista solution, is considered a vital instrument for the development of retail payments, one of the essential pillars adopted by the PMA as it delivers on its plan for a national payments system in Palestine.
At the official signing ceremony, Dr Jihad Al Wazir, has expressed his support for the project as he believes the successful launch is in line with the PMA's strategic plan to become a fully-fledged central bank. This includes the transition to using the latest electronic payment systems as an alternative for traditional payment instruments, such as cash, checks and paper based payment methods, so as to reduce the risks and negative effects resulting from the application of these instruments. Launching of this project comes in light of the evolution in technology and electronic communication channels which the world has witnessed during recent years.
Dr Al Wazir added, “the project will reflect positively on the national economy, as it will inevitably achieve the PMA's efforts to shift from a society reliant on cash money to one which utilizes modernized non-cash payment instruments in its daily transactions in order to expand the use of the latest electronic payment methods. It will facilitate the harmonization of the Retail Payment infrastructure in the Palestinian market and will limit the use of checks, which have a number of negative impacts including slowing down the movement of cash within the economy”.
Commenting on the ambitious project, Mr. Anatoly Loginov, Chairman, BPC Group said "We are delighted to be able to help the Palestine Monetary Authority in their mission to build a modern, efficient and transparent financial system. With our flagship payments solution SmartVista, we have already been helping 109 institutions in 36 countries transform their payments infrastructures. By delivering innovative, robust, and secure payment products and services; we know that the Palestine Monetary Authority will help transform their customers' lives."
The PMA, in cooperation with banks operating in Palestine and with the help of international experts, has recently embarked on a project designed to radically develop the banking sector in line with the best international standards. This will ensure the safe, efficient and swift automatic settlements and transfer of funds between banks, in addition to the settlement of clearing results for debit cards point of sale (POS) orders, through linking the switch with the Real-Time Gross Settlement System (BURAQ).
The project will also increase Financial Inclusion in Palestine, enabling all segments of society to access banking services, especially in remote and rural areas where bank branches are not available.
Citizens will be able to access the financial network without the need to travel to major city centers; saving effort, costs and travel hardships. The project will be implemented in several phases. In the first phase, ATMs will be linked by an integrated network with standardized specifications, enabling citizens to use ATM cards issued by any bank to access services at ATMs belonging to any other bank. The second phase will see the enablement of domestic routing and settlement of point of sale (POS) transactions performed by using debit cards issued in any bank in Palestine.
BPC Banking Technologies was selected after receiving the highest ranking following an extensive selection process managed by the PMA.
Re-disseminated by The Asian Banker