The Central Bank of Egypt has officially launched The National System for the instant payments network and the InstaPay application for banking sector customers.
The Egyptian Banks Company, CBE’s technological arm, developed the Instant Payment Network and InstaPay application under the guidance of the CBE and was assisted by leading global consulting firms specialised in payment networks and application security.
The application is the first of its kind – a payment service provider – to be licensed by the CBE; it also offers its users access to an IPN. The application relies on data and encryption security ensuring the restriction of access to any data between the client and their bank.
Rami Abulnaga, the CBE’s deputy governor, noted that the Instant Payment Network embraces the latest interbank operating technologies, connecting all banking systems via a top-notch digital infrastructure, designed to enable integration with FinTech companies, creating tremendous opportunities for delivering innovative payment solutions addressing the unique needs of various segments.
The InstaPay application offers an exceptional payment experience via mobile phones, which allows the customer to transfer funds instantly between accounts at any of the member banks.
Currently, the network member banks are the National Bank of Egypt, Banque Misr, Commercial International Bank, ALEXBANK, QNB Al Ahli, Arab Bank, Arab African International Bank, Banque du Caire, Egyptian Gulf Bank, and Société Arabe Internationale de Banque.
