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.
About Islami Bank Bangladesh Limited
Islami Bank Bangladesh Limited (islamibankbd.com) is a Joint Venture Public Limited Company engaged in commercial banking business based on Islamic Shari'ah with 66.34% foreign shareholding having largest branch network (251 Branches & 30 SME/Krishi Branches i.e. total 281 Branches) among the private sector Banks in Bangladesh. It was established on the 13th March 1983 as the first Islamic Bank in the South East Asia.
It is listed with Dhaka Stock Exchange Ltd. and Chittagong Stock Exchange Ltd. Authorized Capital of the Bank is Tk. 20,000.00 Million ($257.23 Million) and Paid-up Capital is Tk. 14,636.28 Million ($188.25 Million) having 63,736 shareholders as on 30th September 2013.
About ElectraCard Services
ElectraCard Services (electracard.com | opussoft.com), a subsidiary of Opus Software Solutions, is a leading provider of software solutions and processing services for electronic cards and payment systems across the globe. ElectraCard Services facilitates banks and financial institutions, retailers, exchange houses and telcos to electronically process, in real-time, card transactions, online transactions, mobile payments and services, and contactless payments. ECS is a PCI-DSScertified Third Party Processor (TPP) for MasterCard® and VISA® across the issuing and acquiring space. ECS’ extensive global experience with deep domain knowledge and a comprehensive and robust solution enables the company to provide cost effective solutions that address the flexibility challenges of today’s financial market.
®MasterCard is a registered trademark of MasterCard International, Incorporated.
®VISA is a registered trademark of VISA International Service Association.
electra is under trademark and copyright by ElectraCard Services.
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