BPC has partnered with WeNet in Yemen to launch a new instant transfer system in the country.
WeNet is developing the Instant Transfer Scheme for real time retail payments and the National Switch for card payments in Yemen, both based on BPC’s SmartVista platform.This strategic partnership with WeNet is a major win for BPC, as it provides access to a new country and thus a new market. BPC helped WeNet with the integration of its SmartVista Platform to help the company launch in only a few months. The launch of WeNet Instant Transfer System (ITS) in particular will present significant benefits to the financial services industry in Yemen, as today the banks operating there find themselves increasingly disconnected, both in the local and global economy. The ITS will now allow every Bank and Mobile Wallet Company’s customers to easily transact with one other, benefiting Yemen by: · Expanding access to financial services;· Reducing the heavy reliance of cash and cheques;· Enhancing cash management and economic activity for all businesses;· Enabling banks to grow services sustainably; and· Improving customer satisfaction and protection. ITS will enable customers who have accounts at all licensed payment service providers to send funds to each other in real time without risk and will be available all day, every day. The service will be made accessible through the payment service provider’s branches, internet channels, and mobile channels. A WeNet spokesperson said, “The implementation of the WeNet Instant Transfer Service will enable us to transform the company and unlock its full potential. Working with Yemen’s largest banks and payment service providers, we aim to provide innovative solutions to Yemen’s financial challenges; with the objective of improving consumer spending power and reviving trade, especially in the SME segment. By minimising consumer’s dependency on scarcely available currency and by maximising the collection of cash into the financial system, WeNet aim’s to drive funds back into circulation and stimulate the economy and most importantly bring business back to the banks.”