E-finance is the new Electronic Bill Presentment and Payment (EBPP) service provider in Egypt. E-Finance is a joint venture created between National Investment Bank, Raya Holding, National Bank of Egypt, Banque Misr, and Egyptian Banks Company (EBC).
The purpose of this company is to provide electronic payment services operation to the Egyptian government and other entities, in order to consolidate the payments and receipts to and from the Egyptian government. The E-Pay system is part of the process of establishing a National Payments Gateway in Egypt to enable various business and government institutions and ministries to enrich the provided e-services and accept e-payments, and to add new payment channels and methods in a way that conveniently caters for the vast majority of potential payers (citizens, companies, etc).
The National Electronic Payment hub will provide related solutions of Business to government (B2G), Business to Business (B2B), Government to Government (G2G) and Customer to Government/Business.
The national electronic payment hub is to be used by all individuals and businesses that are paying to or receiving funds from the Egyptian government. "We believe that the implementation of a "National Electronic Payments hub" will have a positive direct and indirect effect on GDP growth, by reducing the time of payment and collection cycle, and monitoring the major funds flow in the economy. The primary function of the National Electronic Payment Hub is to be a central (EBPP) service provider connecting all the Banks, Utilities and Government agencies (especially Ministry of Finance agencies) in the country", said Ibrahim Sarhan, Managing Director of E-Finance in Egypt.
The payment hub will process a huge volume of transactions with benefits to the average citizen and businesses. The volumes currently are around 7 million pension payments per month and 5.5 Million salary payments per month. The benefits to the public of this are quick and automatic money availability and this has a trickledown effect on the economy as well. Approximately 20 Million Tax and Customs transactions will be processed every year on the e-pay hub and this has a direct result in the efficiency of business by providing quick and transparent transaction processing without any intervention.
Bahwan CyberTek is a leading provider of Government payment solutions. "On the back of our platform being used by Dubai's E-Government this is a significant milestone for us in our emerging and unfolding Government payments business. We are pleased to be partnering with E-Finance in Egypt as we move ahead to implement the subsequent phases of this project in the next couple of months", said Raju Ramesh, Chief Operating Officer of Bahwan CyberTek. "As part of our CMM Level 5 upgrade to the latest version 1.2 we have carried out an extensive review and revamp of our quality and delivery process and we are seeing the results in terms of delivering large implementations of our products and services. In the next few weeks we will have many more successes to share with our customers", Ramesh added.
The National Electronic Payments hub will play three primary roles. The first role is that of Payment Processor where the hub will facilitate the electronic payment between the fund receiver (customer through his member Bank) and the fund payer (the Originator). The facilitation will be done by placing the hub between the payer/receiver and the financial institution, to ensure the completion of the transaction using electronic methods. The second role is that of a Payment consolidator where the hub will be the assembly point where all payment claims and payment orders are routed through, from and to the government. The third role is that of Payment Monitoring where reports and monitoring tools are provided to the Ministry of Finance to trace the payment flows from and to the government.
"Our appreciation and thanks are due for the teams from various entities within E-Finance and the support that we received to make this project happen successfully. A project of this magnitude needs excellent team work to make things happen and we were fortunate to have been the recipient of the support", said Raju Ramesh.
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Quelle/Source: Zawya, 19.03.2009
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