ElectraCard Services (ECS), a leading provider of software and processing solutions for electronic payment systems today announced the go-live of Islami Bank Bangladesh Limited (IBBL), with the new electra iTx series suite.
ECS ensured that the migration of debit cards and ATMs from legacy platform onto the electra platform was executed in a span of only 4 weeks -- making this one of the fastest EFT switch migration.
Established in 1983, IBBL is the first Islamic bank in South-East Asia having the largest branch network among the private sector banks in Bangladesh. 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 is a game changing technology that allows the user to control their application and EFT environment. It also helps to reduce the time to market for integration and to roll out new services.
ECS implemented the next generation financial transaction switch for ATM driving as well as a full-fledged card management solution for IBBL. With the new payments processing system IBBL will be able to rapidly expand its ATM network, start VISA® issuance and acquiring, and add new delivery channels, BNAs and kiosks. This will in effect drive the bank's objective of enhancing productivity and innovation-led customer experience in all its operations.
ECS partnered with Biometic. BD, a leading IT company in Bangladesh to extend localized support and help deliver a solution that meets the specific requirements of the Bangladesh market.
"We are delighted to partner with one of the oldest and finest banks in Bangladesh," said Mr. Ramesh Mengawade, CEO, ElectraCard Services. "We understand the banking demands of a fast growing and emerging market, whose customers expect the latest and best in technology and security. It is important to preempt customer expectations and cater to a futuristic and dynamic market. Islami Bank Bangladesh Limited selected electra as its payment platform to strengthen its retail payment services with a comprehensive, secure and scalable solution."
Mr. Mohammad Abdul Mannan, Managing Director, Islami Bank Bangladesh Limited said, "Thanks to ECS we have a world-class technology platform combined with their collaborative approach which made a big difference towards our speed to market. They met our need for a modern and secure solution that could meet the entire payment requirements seamlessly and strengthen our business offerings."
Leveraging electra, IBBL will be empowered to create a differentiated customer experience through personalized offerings, bundled products and enriched segment specific portfolio. The solution's proven scalability and support for true 24X7 availability added to its keen understanding of the banking context in South Asia will power the bank's ambitious growth plans.