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Egyptian Banks Company to launch national payments scheme with ACI

Mandy Killam, executive VP & growth markets leader, ACI Worldwide

ACI Worldwide has announced that Egyptian Banks Company (EBC) has implemented the latest version of ACI’s UP Retail Payments solution in a bid to utilize ACI’s UP BASE24- eps for launching Egypt’s national payment scheme. The updated solution provides EBC with a foundation for the development of new payment services.

ACI’s UP Retail Payments Solution aims to enable institutions in the authorization and authentication of payments from multiple channels.

“ACI has delivered robust and reliable core payment processing for our nationwide ATM scheme for many years,” said Tarek Raouf, Chairman & CEO, Egyptian Banks Company. “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.”

EBC acts as the central domestic infrastructure for payments in Egypt and connects 38 member banks with an aim to increase financial inclusion in Egypt through the adoption of digital infrastructure. EBC has been ACI’s customer for around 20 years.

“EBC has relied upon the stability and scalability of our enterprise-class payments solution for more than two decades – the successful transition to UP BASE24-eps opens up new opportunities through access to flexible modules and the full portfolio of ACI’s UP solutions,” said Mandy Killam, executive vice president & growth markets leader, ACI Worldwide. “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.”

Recently, ACI Worldwide has announced the launch of its ACI Disbursement Services, a solution which aims to allow businesses to send money to consumers’ bank accounts in real-time.

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