IBBL to expand debit card and ATM networks

Islamic Bank Bangladesh Limited (IBBL), a business based on Islamic Shari'ah law, has revealed plans to expand its ATM networks and debit card service via a platform provided by ElectraCard Services (ECS), a technology subsidiary of Opus Software Solutions.

Islamic Bank Bangladesh Limited (IBBL), a business based on Islamic Shari’ah law, has revealed plans to expand its ATM networks and debit card service via a platform provided by ElectraCard Services (ECS), a technology subsidiary of Opus Software Solutions.

The deal will see all of IBBL’s debit cards and ATMs transferred from the bank’s own platform to ECS’s electra iTx platform, in a bid to give IBBL more control over the application, as well as lowering the time to market of new services.

The bank has revealed hopes that the deal with ECS will support its strategy of increased ATM numbers, Visa issuance and acquiring, and the addition of new delivery channels.

Ramesh Mengawade, chief executive at ElectraCard Services, said: "We are delighted to partner with one of the oldest and finest banks in Bangladesh."

"We understand the banking demands of a fast growing and emerging market, whose customers expect the latest and best in technology and security."

"It is important to preempt customer expectations and cater to a futuristic and dynamic market."

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"Islami Bank Bangladesh Limited selected electra as its payment platform to strengthen its retail payment services with a comprehensive, secure and scalable solution," he added.

Founded in 1983, the IBBL was the first Islamic Bank in Southeast Asia, and with 281 branches in Bangladesh, owns the largest network among private sector banks in the country.

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