The leading provider of Open System payment solutions, BPC Banking Technologies were chosen for its End-to-End Payment software SmartVista to power EthSwitch national switching operations in Ethiopia
With its comprehensive functionality, SmartVista has a proven track record by the changing payments landscape.
EthSwitch aims to connect all banks to a central transaction switching platform that will provide customers with access to their money and other financial services via any ATM, Point of Sale (POS) device, mobile and Internet channels, regardless of which bank issued their card or in which bank their account is kept.
EthSwitch, formed by all the banks in Ethiopia, and with the backing of the Ethiopian Bankers’ Association and the country’s central bank known as the National Bank of Ethiopia.
All connected member banks will benefit from interoperability as well as providing a new level of convenience and access to Ethiopian citizens, merchants, and organizations. Once implemented, it is envisaged that the new system, powered by SmartVista, will drive the Ethiopian financial ecosystem to new levels of efficiency, availability and accessibility while also significantly reducing the levels of cash usage.
BPC will also provide EthSwitch with the ability to interface to International Payments Schemes, such as Visa and MasterCard Worldwide and to enhance local acceptance of these globally branded cards. The SmartVista system will be interfaced to the national Automated Transfer System (comprising ACH and RTGS) to facilitate efficient clearing and settlement of all transactions.
Bizuneh Bekele, CEO of EthSwitch S.C. said: “We are looking forward to improving Ethiopia’s payments landscape and believe that BPC Banking Technologies’ expertise and experience will help us achieve our goal to build and operate the unifying e-payment platform for all financial institutions in Ethiopia.”
“With SmartVista’s unique design not only will EthSwitch be able to offer a wide range of services immediately but they will be well positioned to take advantage of opportunities in the future,” added Daryl Berg, MD BPC-Africa.
Chiumbo McLeod – East Africa Correspondent