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The Central Bank of Egypt (CBE) has launched the National Instant Payment Network and InstaPay mobile app, which will allow clients to process fund transfers instantly.
The Egyptian Banks Company, the CBE’s technological arm, developed the Instant Payment Network and InstaPay application under the guidance of the CBE and was assisted by consulting firms specialised in payment networks and application security.
The new system adopts stringent security systems to ensure protection for data and transactions, with end-to-end encryption where data storage is restricted. The CBE said that the action comes in line with the visionary strategy of the National Payments Council of fostering the transformation into a digital economy in fulfilment of the CBE’s progressive digitisation ambitions.
CBE’s officials noted that the Instant Payment Network embraces interbank operating technologies, connecting all banking systems via a digital infrastructure, designed to enable integration with fintech companies, creating opportunities for delivering innovative payment solutions addressing the needs of various segments.
InstaPay is the first mobile application licensed by the CBE as a payment service provider via the National Instant Payment Network. The app offers 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.
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