ElectraCard Services (ECS), a leading provider of software solutions and processing services for electronic payment systems, announced that AB Bank, the first private sector bank in Bangladesh, has chosen ECS's electraiTx series - the latest version of the electra payment suite to run their ATM network and process credit and debit cards.
ECS has provided AB Bank with their PA-DSS certified electraSWITCH, electraDEBIT and electraCREDIT solutions from the product suite.
AB Bank runs a domestic network of 230 ATMs and is looking to rapidly expand their services within the country and expects to double their card users by 2015. They are leveraging ECS solutions to implement a safe, secure and convenient platform for enabling all their payment requirements. The electra solutions will enable the bank to seamlessly integrate with leading payment associations like VISA and MasterCard. This is also the first time AB Bank is launching a complete suite of credit cards for their customers. ECS offers maximum flexibility, scalability and quick turnaround on customizations to meet Bangladesh's banking standards and ensures the credit cards are compliant in all respects.
electraSWITCH will also be implemented for managing the switching solutions of the Cashlink Bangladesh Limited (CBL) Network, which is being managed by AB Bank. Bangladesh's leading banks form a part of the CBL network and is presently used by major local banks as a shared network for ATM switching as well as managed service provider. With the ECS product solutions AB Bank will be able to grow their network, increase the number of ATMs and cardholders.
Mr. Reazul Islam, Head of eBiz and IT, AB Bank said, "We were in need of a platform that was highly scalable and flexible which could be implemented quickly and meet our specifications. We chose ECS because they have proven installations across the globe and a faster go-to-market strategy that fits into our expectations. The product is extremely user friendly and easy to adapt to. We are confident that our partnership with ECS is in tandem with our business objectives."
"We are pleased to be associated with AB Bank a pioneer in the Bangladesh banking industry," said Mr. Ramesh Mengawade, CEO, ElectraCard Services. "AB Bank has always been successfully implementing new and innovative ideas in the country. ECS will provide them with the technology solution necessary to help take Bangladesh to becoming a cashless society."
The electra iTx series platform is a next generation PA-DSS certified secure transaction platform, built from the ground-up on open standards and industry best-practices to support the service oriented architectures (SOA) that are fast becoming the technology backbone of today's leading organizations. This platform drastically reduces the time to market for integration and to roll out new services.