ElectraCard Services (ECS), a leading provider of software and processing solutions for electronic payment systems, announced, Acleda Bank Plc., Cambodia's leading commercial bank, has upgraded to the electra iTx series - the latest version of the electra payment suite.
Over the past several years, electra suite has been the backbone of ACLEDA's payment infrastructure and have been helping the bank to grow its profits at a compound annual rate of 30%. ECS assists ACLEDA Bank Plc., in their aggressive strategy to connect with the unbanked across Cambodia by enabling safe, secure and convenient transactions.
A microfinance institution, ACLEDA Bank Plc. evolved into a full-fledged retail bank in 2004. During this transition, ECS played a very crucial role and provided ACLEDA Bank Plc. with a flexible and scalable platform that empowered them to expand and differentiate their offerings. The Bank anticipates their customer acquisition to double over the next five years, adding to their existing one million account holders.
With the new payments processing system - electra iTx series, ACLEDA Bank Plc. will be able to rapidly expand its ATM network, start UPI, MasterCard and JCB issuance and acquiring along with existing VISA connectivity, and adding new delivery channels, BNAs and kiosks.
ACLEDA Bank Plc. is foraying into credit cards business leveraging ECS' credit card management solution - electraCREDIT, which is implemented as part of this upgrade. Credit cards further enhance ACLEDA Bank Plc.'s product offerings and is very important to its overall customer relationship enhancement strategy. This will in effect drive the bank's objective of enhancing productivity and innovation-led customer experience, in all its operations.
"We have been conducting business on the electra platform for the last 6 years and we continue to acknowledge the benefits it brings to us," said Dr. IN Channy, CEO, ACLEDA Bank Plc. "The electra iTx series is a world class product that is easily scalable and flexible. The Bank has hit the one million customers mark and we only see the number of customers expanding over the years to come. The ECS platform is built to easily cater to the current and growing needs of ACLEDA Bank Plc."
Mr. Ramesh Mengawade, CEO, ElectraCard Services said, "We are extremely proud to continue our association with ACLEDA Bank Plc. This re-commitment only goes to strongly showcase the faith and trust they have in the ECS product suite. Along with being the best-in-class, the electra products help improve efficiency and adapts itself to ensure maximum benefit and efficiency to our customers. I am confident that the upgrade to the iTx series product suite will further empower ACLEDA to achieve their business goals."
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 a service oriented architecture (SOA) that is fast becoming the technology backbone of today's leading organizations. This is a game changing technology and drastically reduces the time to market for integration and to roll out new services.