Equity moves to WAY4-based online card system
Equity Bank has fully migrated to the WAY4 card management system from OpenWay Group of Belgium that allows M-Pesa account holders to withdraw money from the bank’s 550 Automated Teller Machines countrywide.
The WAY4 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 the highest rating from 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 the 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 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.
Published in the Daily Nation magazine.
Equity Bank of Kenya (www.equitybank.co.ke) is the largest and fastest growing bank in Kenya, with 4.5 million client accounts that constitute more than 54% of all client accounts in the entire country. The bank also has branches in Uganda and South Sudan. Equity Bank has a reputation as an innovator in banking and financial services.
M-PESA is the first Kenyan commercial mobile payment and transfer system, created in March 2007 by Safaricom with the support of Vodafone. The system was created for people who don’t use bank services. This innovative project turned out to be in high demand on the African market. According to information as of March 2010, M-PESA has over 9.5 million subscribers, served by 17,500 agents.