Equity moves to WAY4-based online card system
Equity Bank has fully migrated to the WAY4 card management system from OpenWay Group of Belgium that allows M-Pesa account holders to withdraw money from the bank’s 550 Automated Teller Machines countrywide.
January 21, 2010
The WAY4 system, an online card management system, is designed for multi-institution and multi-currency transaction processing and with a capacity of 180,000 transactions per minute.
The system which received high rating by Gartner, which rates software in the world, also provides support for non-card transactions over multiple self service channels.
The new system is set to increase efficiency in Equity Bank Point of Sales outlets and ATMs in the region, the company said in a statement.
Speaking during the signing of the partnership with OpenWay Group, Equity Bank CEO James Mwangi said the system has capacity to host the combined network of Equity Bank branches, subsidiaries and other banks at reduced costs.
“The system not only gives Equity a niche in terms of competitiveness in cutting edge technology and card management, but allows speedy and efficient transaction process in real time, and for all currencies,” Mr Mwangi said. He said Equity was among the the first banks in the region that are able to handle regional inter-switching connectivity.
He added that the new switch system would come in handy with the recently launched partnership between Equity Bank and Safaricom that allows M-Pesa account holders to withdraw money from the bank’s 550 Automated Teller Machines countrywide.
Published in the
Daily Nation magazine.
The Equity Group Foundation was established to create a clear financial and operational
separation for social programs while harnessing Equity Bank’s capabilities, infrastructure
and reach. Its goals is to transform the socio economic status of people in Africa through
several programs areas of education and leadership development of young people,
support of women and youth entrepreneurs, health promotion, agriculture and spurring
innovation at the bottom of the pyramid. EGFs strategy is to achieve impact by initiating
new programs as well as managing and scaling the Bank’s current social programs.
Equity Bank, the parent organization of the EGF is the largest bank in the region in terms
of customer base with over 4.3 million customers. It has presence in Kenya, Uganda and
Southern Sudan.
http://www.equitybank.co.ke
