News

BPC, Palestine Monetary Authority launch national switch

The authority says the implementation will increase access to banking services, especially in rural areas, supporting the PMA's financial inclusion strategy.

July 24, 2015

BPC Banking Technologies, a provider of Open System payment solutions, and the Palestine Monetary Authority have launched the national switch of Palestine. The national switch, based on SmartVista, is considered a cornerstone for electronic retail payments in Palestinian territories, according to a press release.

Currently, Bank of Palestine, Bank of Jordan and Cairo Amman Bank are switched to the integrated ATM-POS network with standardized specifications, allowing citizens to use ATM cards issued by any bank to access services at ATMs belonging to any other bank with affordable transaction fees, the release said.

BPC said the project was launched in record-breaking time — 18 months — building the entire national switch system from scratch. Currently PMA is licensed for direct operation with international payment systems including MasterCard and Visa and is ready to process transactions flows.

"The path from the idea of National Switch in the country to its implementation was straight and short due to our partner's expertise and dedication to the project," said Dr. Jihad Al Wazir, governor and chairman of the board of directors of the PMA. "The implementation of the switch will increase access to banking services, especially in rural areas, which will improve banking services and comply with PMA's financial inclusion strategy."