The Palestine Monetary Authority (PMA), the territory’s central bank, with the help of the Banking Production Centre (BPC) Banking Technologies Group, a Russia-based e-payment solutions provider for the financial industry, plans to launch a national electronic payment system in an effort to transition Palestine away from its current cash and check system. BPC’s SmartVista technology, an electronic payment processing software, will be used to merge Palestine’s automated teller machines (ATMs) onto a single platform. This new electronic system will allow bank customers to use any ATM or point of sale (POS) in the nation, rather than only those operated by the bank they are a client of, without being charged additional transaction fees. The government hopes that switching to electronic payments will modernize the nation’s economy and improve access to banking services by widening ATM and POS availability in remote and rural areas where there is often a limited presence of different bank branches.
Financial information for PMA is unavailable. Financials for BPC, which has 109 clients in 36 countries, are also unavailable.
By Adrija Vaiciulionis, Research Associate
About Palestine Monetary Authority (PMA):
The Palestine Monetary Authority (PMA) is the central bank of Palestine and is located in the city of Ramallah, Palestine. It aims to promote the economic and financial growth of Palestine’s economy by developing and employing monetary policy, regulating and supervising banks in Palestinian territory and overseeing and implementing modern payment systems. Financial information for PMA is unavailable.
About Banking Production Centre (BPC) Banking Technologies Group:
Banking Production Centre (BPC) Banking Technologies Group is a software developing company headquartered in the Russian city of Moscow. BPC provides electronic payment solutions for the global financial industry. BPC developed SmartVista, a payment processing solution software for electronic payments, card management and transaction processing. The company operates in Africa; Asia Pacific; the Americas; Central, Eastern and Western Europe; and the Middle East. BPC has 109 clients in 36 countries. Financial information for BPC is unavailable.
Sources and Additional Resources:
Palestine Monetary Authority: Palestine to Get New Retail Payments System,
http://www.pma.ps/index.php?option=com_content&view=article&id=431
“Palestine Monetary Authority Taps BPC for E-Payments Push,” Finextra, July, 29 2013, http://www.finextra.com/News/FullStory.aspx?newsitemid=25063
MicroCapital article, September 7, 2012, “MICROCAPITAL BRIEF: Banking Production Centre (BPC) Releases SmartVista for Microfinance,” https://www.microcapital.org/microcapital-brief-banking-production-centre-bpc-releases-smartvista-for-microfinance/
MicroCapital article, August, 23, 2012, “MICROCAPITAL BRIEF: World Bank Releases Government Electronic Payment Program Guidelines,”https://www.microcapital.org/microcapital-brief-world-bank-releases-government-electronic-payment-program-guidelines/
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