Major Egyptian bank selects partnered companies to overhaul legacy payments infrastructure
DUBAI, 12 October 2021 – Volante Technologies, the global leader in cloud payments and financial messaging, today announced a partnership with MDSL, a specialist in the integration of turnkey banking solutions in the Middle East, to enhance and automate banking payments in Egypt.
The partnership has already seen its first success, having signed a contract with a major Egyptian bank. Volante will provide payments solutions and related onboarding and set-up services while MDSL, an ITG company, will help with the integration and provide local support services.
With a payments market size of over $5bn and an increasingly digitally adept population, Egyptian banks have a significant opportunity to grow their payments portfolios. However, many are still held back by legacy systems which limit their ability to provide the real-time and information-rich experiences that consumers and corporations have become accustomed to from tech giants like Facebook, Amazon and Google.
Modern payments platforms based on microservices technology allow banks and financial institutions to break free from legacy software limitations and soar beyond competitors by offering real-time 24/7 customer-centric solutions – benefitting a wide variety of customers as many more domestic and cross-border payment services can be brought to market faster.
Houssam Chaker, Regional Sales Head at Volante Technologies, said: “This is a critical moment for Middle Eastern banks as we witness the accelerating pace of digital transformation and the explosion of innovation in new payment types. We are delighted to be helping Egyptian banks accelerate their payments modernization initiatives, and our partnership with MDSL is an important indication of our commitment to the region.”
Camille Ziade, Managing Director of MDSL said: “This partnership is a rich synergy of software and local presence which will provide Egyptian banks with Volante’s real-time and cloud-native payments solutions combined with on the ground implementation and expertise. Customers across Egypt will be the ultimate winners here, as they will be able to automate their end-to-end payment processes in order to meet increasing demand for new payment types and reduce the burden of compliance.”