BIAO of Cote d'Ivoire Set to Deploy e-Tranzact Solutions
Officials of Bank BIAO of Cote D' Ivoire last week visited e-Tranzact, an online switching payment company in Lagos to understudy the company's e-payment banking software solutions, with the intention to partner e-Tranzact and deploy its solutions.
Nigeria had in the last few years, developed local software solutions that are meeting the needs of Nigerian banks and beyond, a situation that had attracted many local and foreign banks to peep into several of such banking applications with a view to acquire them for online banking transactions.
One of such attractions, no doubt, forced the Ivorian team to visit e-Transact to understudy what they described as its fantastic banking software applications that would boost banking transactions.
Speaking with journalists at a dinner in Lagos to mark the end of their three-day visit to Nigeria, Mrs. Dogo Rachel, a member of the Ivorian team, who is in charge of Retail Banking for BIAO, said the team came from Cote D' Ivoire to Nigeria on a three-day working visit to understudy the e-Transact banking solutions and for a possible partnership with e-Transact to deploy the technology into their banking system in Cote D'Ivore.
"We are from the banking sector in Cote D'Ivoire, precisely from Bank BIAO, the third largest bank in Cote D'Ivoire with 30 branches across Cote D'Ivoire and we have come to see how the e-Tranzact banking solutions work in Nigeria and to see how we can tap into the technology by partnering with e-Transact," Rachel said.
According to Rachel, the team has gone round different banks in Lagos that are currently deploying e-Tranzact banking solutions and had discussion with them. We are satisfied with what we saw. We are even amazed and excited at the several functions of the solutions, she added.
Rachel explained that most of their banking operations in BIAO are purely the traditional banking transactions, with a little of the ATM cards technology that is used purely for money withdrawals. She, however, said with the new banking dispensation worldwide, BIAO is interested in operating online banking to make banking transactions a lot easier for its customers, hence the need to partner e-Tranzact to help them in deploying its kind of banking solutions.
Another member of the team, Assit Patrick, in charge of Marketing said BIAO sees Nigeria as a big market with a lot of useful banking software solutions. He disclosed that their greatest challenge is that there are more money in circulation in Cote D' Ivoire than in the banks.
Most business operators, he said, do not keep money in banks but prefer to have them in their homes. Patrick is optimistic that by the time they deploy the e-Tranzact banking solution, many people in Cote D' Ivoire would embrace the online banking that comes with the solution and they would be willing to bank their money.
CEO of e-Tranzact, Valentine Obi, who was pleased with the visit, said the Ivorian bank is interested in all their banking solutions and the bank is happy with the way each of the solutions works.
Asked the core area of interest, Obi said the Ivorian bank is interested in e-Tranzact Point of Sale, Mobile, ATM and other solutions. The e-Tranzact solution platform is such that if you acquire one of the solutions, you acquire all others, Obi said.
On why Bank BIAO is interested in e-Tranact solutions, Obi said the proposition of its banking solution is very compelling, challenging, cost effective, convenient to use and covers all aspects of security.
e-Tranzact banking solution, Obi added, is in a class of its own and its solutions are second to none.
"We have a very good solution that can meet the needs of clients within and outside Nigeria. Our solutions stand themselves out and the BIAO bank must have seen this and are ready to deploy our solutions into their banking system," he said.
According to him, e-Tranzact has learnt from the mistakes of others and has come up with strong banking solutions that have given boost to banking business everywhere in the world.
In October 2008, e-Tranzact launched its latest cards solution application called the e-Tranzact Strong Authentication (ESA) card and the ATM CardlexCash and since then almost all the banks on its network had shown interest and are implementing them.
The ATM CardlexCash is designed to ease customers of the need of carrying too many ATM cards and in situation where a customer forgets his ATM card at home and he is in dire need to cash money from the ATM machine around him or his office, the CardlexCash addresses the situation.
The ESA card addresses the problem of online fraud, which Obi described as the biggest challenge in the banking industry. The ESA ATM card generates a dynamic PIN for an amount per transaction and would not allow anybody to defraud a card carrier, even when the person was opportune to have the customer card and PIN.
For Internet transaction, the ESA card gives One Time Pass Code (OTPC), which is a second factor authentication code that ensures that the rightful owner of the card is the one using it.