News

BPC to launch national switch for Palestine Monetary Authority

July 31, 2013

BPC Banking Technologies has announced an agreement with the Palestine Monetary Authority to implement a national switch electronic payment system. The PMA is the emerging Central Bank of Palestine.

The PMA recently embarked on a project to develop the banking sector in line with international standards in order to ensure the safe, efficient and swift automatic settlements and transfer of funds between banks, said a news release from BPC.

The first phase of the project will link ATMs by means of an integrated network, so that citizens may use an ATM card issued by their bank at the ATMs of any other bank.

The second phase will see the enablement of domestic routing and settlement of POS transactions made with a debit card issued by any bank in Palestine.

According to Dr. Al Wazir of the PMA, the project will inevitably help the PMA to shift from a cash-based society to one that uses modern electronic payment methods.

"It will facilitate the harmonization of the retail payment infrastructure in the Palestinian market and will limit the use of checks, which have a number of negative impacts, including slowing down the movement of cash within the economy," Wazir said.

BPC group chairman Anatoly Loginov said the company was pleased to be able to help the Palestine Monetary Authority build a modern, efficient and transparent financial system.

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