ElectraCard Services (ECS), a leading provider of software solutions and processing services for electronic payment systems, announced that AB Bank, the first private sector bank in Bangladesh, has chosen ECS’s electra iTx series - the latest version of the electra payment suite to run their ATM network and process credit and debit cards. ECS has provided AB Bank with their PA-DSS certified electraSWITCH®, electraDEBIT® and electraCREDIT® solutions from the product suite.
AB Bank runs a domestic network of 230 ATMs and is looking to rapidly expand their services within the country and expects to double their card users by 2015. They are leveraging ECS solutions to implement a safe, secure and convenient platform for enabling all their payment requirements. The electra solutions will enable the bank to seamlessly integrate with leading payment associations like VISA® and MasterCard®. This is also the first time AB Bank is launching a complete suite of credit cards for their customers. ECS offers maximum flexibility, scalability and quick turnaround on customizations to meet Bangladesh’s banking standards and ensures the credit cards are compliant in all respects.
electraSWITCH® will also be implemented for managing the switching solutions of the Cashlink Bangladesh Limited (CBL) Network, which is being managed by AB Bank. Bangladesh’s leading banks form a part of the CBL network and is presently used by major local banks as a shared network for ATM switching as well as managed service provider. With the ECS product solutions AB Bank will be able to grow their network, increase the number of ATMs and cardholders.
Mr. Reazul Islam, Head of eBiz and IT, AB Bank said,“We were in need of a platform that was highly scalable and flexible which could be implemented quickly and meet our specifications. We chose ECS because they have proven installations across the globe and a faster go-to-market strategy that fits into our expectations. The product is extremely user friendly and easy to adapt to. We are confident that our partnership with ECS is in tandem with our business objectives.”
“We are pleased to be associated with AB Bank a pioneer in the Bangladesh banking industry,” said Mr. Ramesh Mengawade, CEO, ElectraCard Services. “AB Bank has always been successfully implementing new and innovative ideas in the country. ECS will provide them with the technology solution necessary to help take Bangladesh to becoming a cashless society.”
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 platform drastically reduces the time to market for integration and to roll out new services.
About AB Bank
During the last 31 years AB Bank (abbl.com) has extended services at home and abroad. Presently AB Bank has 86 local branches; one foreign branch in Mumbai, India; 6 subsidiary companies including one exchange company in UK, Off-shore Banking Unit and Custodial services; one Representative Office at Yangon, Myanmar and the other at London, UK extending its foreign operations. The Bank continues to remain updated with the latest products and services considering the ever changing needs of the market. AB Bank has a long tradition of being the first of many firsts in the banking arena of Bangladesh. The Bank is committed to lead the industry not only through strong financial position but also through product innovation and value creation. With a view to provide better access to banking services the Bank has focused to bring services at the doorstep of its customers by reaching out to the underserved population of the country. Innovative products and services were introduced in the field of Small and Medium Enterprises, Women's Entrepreneur, Consumer Loans, Debit and Credit Cards (Local & International), ATMs, Internet and SMS Banking, Remittance Services, Treasury Products and Services, Structured Finance for Corporate, strengthening and expanding its Islamic Banking activities, Investment Banking, specialized products and services for NRBs, Priority Banking, and Customer Care.
About ElectraCard Services
ElectraCard Services (electracard.com |opussoft.com), a subsidiary of Opus Software Solutions, provides software and third party processing services for card and payments management across the world. ECS is a PCI DSS certified Third Party Processor (TPP) for MasterCard® and VISA® across the issuing and acquiring side. Its deep domain knowledge, extensive global experience and cost effective solutions address the speed to market and flexibility challenges of today’s market.
ElectraCard Services enables financial institutions, retailers, finance companies and corporations to electronically process, in real-time, any type of payment transaction, including credit, debit, pre-paid, smart cards, and ACH. In addition to typical back office processing, ECS also offers ecommerce gateway and switching solutions. Its solutions support multiple institutions, multiple currencies, and varying processing requirements on a single platform. By providing comprehensive and flexible solutions that can be deployed to a market of one, ElectraCard Services offers unmatched services and solutions.
®MasterCard is a registered trademark of MasterCard International, Incorporated.
®VISA is a registered trademark of VISA International Service Association.
®electra, ®electraSWITCH, ®electraDEBIT and ®electraCREDIT are under trademark and copyright by ElectraCard Services
Tania Sattar - AB Bank Ltd
T: +88 02 9560 312 - E: taniasattar[.]abbl.com.
Faizan Aboli / Bhawna Mishra - Ketchum Sampark PR
M: +91 98191 10224 / +919 97674 31047
E: faizan.aboli[.]ketchumsampark.com / bhawna.mishra[.]ketchumsampark.com.