Paynet interconnects CfC-STANBIC Operations

July 2008

As a part of the high profile merger of CfC and Stanbic Bank in Kenya there was clearly a need to interconnect the two ATM switches of the respective banks to ensure that customers could immediately benefit from using the(formerly) two ATM networks.
Paynet Kenya Ltd., a provider of financial services outsourcing within East Africa, was contracted to interconnect the two banks’ switches from both a technical and operations perspective. The switch interconnectivity provides a seamless banking offering to both existing Stanbic and CfC customers and includes access to either bank’s ATMs and PesaPoint, access to banking facilities for customers of each bank and a wider banking network
Speaking at the switch commissioning, Bernard Matthewman, Group Managing Director Paynet said, “We are proud to have been called upon to provide this service due to our huge investment in switching services that presently manages operations of automated teller machines (ATMs) across the country and most recently in Uganda and Tanzania through Diamond Trust Bank and Post Bank Uganda. CfC Stanbic is clearly a new force in the market place and we believe that by making sense of merged infrastructure and additional networks like PesaPoint they can offer their customers a much broader service footprint”

Mike du Toit, Managing Director of the new bank CfC Stanbic said, “Ensuring a seamless and least disruptive merger is fore front to ensure that our customers go through this transition as smoothly as possible. Merging technology is always a challenge and we prioritised the customer facing systems as ultimately the merger of CfC and Stanbic should benefit both sets of customers. We knew we needed this done fast without compromising security and Paynet was clearly the best placed entity to provide this service due to their significant expertise in this area. They have delivered to our high expectations. The merger has seen CfC Stanbic become the 4th largest bank in the Kenyan market and this is yet another forward leap in upgrading our technology platform.”

Paynet Kenya has been in the forefront of outsourcing financial services with the company offering banking solutions that include: card processing, ATM Service management, Electronic Corporate Payments, Switch management and WagePoint Payment Solution.

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