• About us
  • Advertise
  • Contact
  • Nominate
  • Client’s Voice
  • Login
  • Register
📖 Magazine
The Global Economics
  • Home
  • Banking
  • Non Banking
  • Markets
  • Infrastructure
  • Lifestyle
  • FeatureNew
  • Awards
No Result
View All Result
  • Home
  • Banking
  • Non Banking
  • Markets
  • Infrastructure
  • Lifestyle
  • FeatureNew
  • Awards
No Result
View All Result
The Global Economics
No Result
View All Result
Home Banking Digital

CIB launches new Instant Payment service to support Digital Transformation plans

The Instant Payment Network (IPN) considered a new payment system

Ritu M R by Ritu M R
August 19, 2022
in Digital, Commercial, The Global Economics, Top Stories
Reading Time: 3 mins read
0
CIB launches new Instant Payment service to support Digital Transformation plans

CIB launches new Instant Payment service to support Digital Transformation plans

38
SHARES
211
VIEWS
FacebookTwitterRedditWhatsAppLinkedInFacebook

The Commercial International Bank (CIB) has launched Instant Payment service through its digital channels, including Internet Banking and Mobile Banking and the Egyptian Banks Company’s InstaPay application in accordance with the Central Bank of Egypt’s (CBE) guidance on auxiliary digital transformation and enabling digital payments. By June 2022, the total value of payments through the app achieved EGP 2.6 billion and the number of transactions enhanced by 500 percent. The number of subscribers to the service also amplified by 286 percent.

The Instant Payment Network (IPN) is considered a new payment network with the capability to instantaneously send and receive funds between member banks using an enhanced experience and transfer funds between different account types all within the Meeza cards and mobile wallets.

The IPN is an exceptional model that would effectively support CIB’S efforts to change consumers’ behaviour and accelerate digital transformation to be more responsive to changes, which is a primary objective, CIB’s Deputy Chief Operations Officer, Mr. Mohamed Farag stated.

Farag added that the IPN seeks to provide a payment network and offer a new experience that meets customer needs and sets off avenues by maximizing customer benefits, creativity, and innovation.

In line with the CIB’s strategy of bringing to the market innovative solutions that elevate customers’ experience to new levels of excellence, the bank has also launched the state-of-the-art cohort of cash machines, providing customers with latest-discovered banking experience. The advanced cash machine’s feature a touch screen displaying an icon-shaped menus that enable users to view and navigate each icon on the screen. Cash machines offer a seamless banking experience with easy-to-use functions and options, like smartphones, and help decrease the time required to complete transactions. The cash machines can be integrated within the Bank’s systems effortlessly owing to their fast programmable nature.

CIB launches IBAN through cash machines

CIB also launched the International Bank Account Number (IBAN) across the bank’s upgraded cash machines, enabling consumers to obtain and print the IBAN through cash machines. This initiative reflects CIB’s firm commitment to investing in innovative technologies that contribute to enhancing customer experience and enable customers to conduct their banking transactions around the clock with ease.

This expansion is a component of the Bank’s commitment to extending innovative technologies across all digital channels. It reiterates their commitment to establishing innovative technologies and solutions in banking services to support clienteles and offer them with a top-notch experience, in line with the CBE’s vision for achieving financial inclusion, said Farag.

CIB is one of the first exponents of migrating banking services to digital channels across the digital transformation program – Bank of the Future, which accomplished outstanding results during the first half of 2022. In line with the Egyptian government’s efforts to determine digital transformation, aiming to enhancing efficiency and effectiveness thus improving customer experience and service quality.
CIB has witnessed a massive outpour of 72 percent in the number of digital banking transactions achieved through Mobile Banking by June 2022. The value of transactions stood at EGP 100 billion, rising by 83 percent. By the end of June 2022, the value of transactions executed over digital systems touched EGP 537 billion, which is 48 percent higher compared to the first half of 2021.

By June 2022, the value of cash machine transactions performed also increased by 24 percent and the number of individual customers subscribed to Internet Banking also increased by 26 percent associated to the first half of the preceding year.

By June 2022, the number of subscribers also expanded by 60 percent compared to the first half of 2021. CIB’s Business Online services have also observed a major rise with customers varying entirely on these channels as substitutes to cash transactions and paperwork. The percentage of transactions accomplished by the Commercial International Bank’s Business Online and EG-ACH increased by 36 percent to range EGP 317 billion, which is 51 percent higher compared to the first half of 2021.

Subsequently, the nation’s strategy to automate government payments, the Bank has effectively extended its customer base for governmental e-payments for corporations through its Corporate Payment System (CPS), attaining a 30% increase in the number of transactions by June 2022. The value of transactions surpassed EGP 15.7 billion, which is 47 percent higher compared to the first half of 2021.

The CBE’s recent decisions are vital to the digital transformation of banking services, decreasing pressure on the bank’s branches, and lowering reliance on cash. These decisions comprise exempting individuals from bank transfer fees and commissions that are conducted in EGP through digital channels, such as Internet Banking, Mobile Banking and IPN applications.

Tags: banking servicescash machine transactionsCommercial International Bank (CIB)Corporate Payment System (CPS)digital transformationegyptInternational Bank Account Number (IBAN)Meeza cards and mobile wallets
Ritu M R

Ritu M R

Ritu is a professional who aims at writing informative and engaging articles that appeal to the readers.

Related Posts

Evergrande Chairman Detained as Chinese Property Crisis Worsens
Real Estate

Evergrande Chairman Detained as Chinese Property Crisis Worsens

by The Global Economics
September 28, 2023
Looming US Govt Shutdown & Bitter Political Divide Threatens Economy
Economy

Looming US Govt Shutdown & Bitter Political Divide Threatens Economy

by The Global Economics
September 27, 2023
Evergrande’s Debt Struggles Shake China’s Property Stocks
Real Estate

Evergrande’s Debt Struggles Shake China’s Property Stocks

by Riya Thomas
September 25, 2023
The US Entertainment Industry Strike Nears End as Writers and Studios Reach Deal
Lifestyle

The US Entertainment Industry Strike Nears End as Writers and Studios Reach Deal 

by The Global Economics
September 25, 2023
UK Banks Announce Closure of 36 More Branches
Banking

UK Banks Announce Closure of 36 More Branches

by Rahil Adnan
September 22, 2023
Twitter Youtube LinkedIn Soundcloud
the global economics logo

The Global Economics Limited is a UK based financial publication and a quarterly business magazine giving thoughtful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

DMCA.com Protection Status

  • Privacy
  • Legal
  • Terms of Use
  • Client’s Voice
  • Server Status

norton verified - the global economics

Latest Posts

Evergrande Chairman Detained as Chinese Property Crisis Worsens

Evergrande Chairman Detained as Chinese Property Crisis Worsens

September 28, 2023
Looming US Govt Shutdown & Bitter Political Divide Threatens Economy

Looming US Govt Shutdown & Bitter Political Divide Threatens Economy

September 27, 2023
Amazon to Invest $4 Billion in AI Startup Anthropic

Amazon to Invest $4 Billion in AI Startup Anthropic

September 26, 2023
Download The Global Economics PWA to your mobile or Desktop
PWA App Download
Download The Global Economics Android App to your mobile or Desktop
Android App
Download The Global Economics IOS App to your mobile or Desktop
IOS App

All Rights Reserved © 2020 | 🇬🇧 The Global Economics, Business Finance Publication - www.theglobaleconomics.uk 🌏

No Result
View All Result
  • About us
  • Awards
  • Magazine
  • Client’s Voice
  • Exclusive Coverage
  • Nominate
  • Login
  • Sign Up

All Rights Reserved © 2020 | 🇬🇧 The Global Economics, Business Finance Publication - www.theglobaleconomics.uk 🌏

Welcome Back!

Sign In with Facebook
Sign In with Linked In
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Facebook
Sign Up with Linked In
OR

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Go to mobile version