Equity moves to online card system
Equity's new switch system is set to 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. Photo/FILE
Equity Bank has fully migrated to the card management system from OpenWay Group of Belgium.
The Way 4 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.
