Abay Bank Launches Digital Payment Platform

Abay Bank, one of the youngest banks in the country, along with Atlas Computer Technology has developed a new payment platform that enables customers to make utility and other payments online through mobile phones.

Named the Uni-Cash System, the payment solution was developed by Atlas Computer Technology, a local IT company that has been in business for the past 15 years. The platform allows schools, universities, utility companies, hotels, travel agencies and healthcare centres to receive payments digitally.

Service providers register their payment request on the system for their customers, who then can settle payments through the system. The system enables service providers to get the report of the payment and notifies customers about their payment via SMS.

Uni-Cash has three module systems: Uni-Cash Central, Uni-Cash Enterprise and Uni-Cash Bank, which work together for enterprises, banks and customers. Uni-Cash Central is the single point of communication for businesses as well as banks and customers. It is also the point where messages for payments, queries and updates on status are collected from banks and enterprises and distributed.

Uni-Cash Enterprise serves businesses by serving as the point where payment requests are populated by the businesses. Enterprises can upload their request for payment including who pays and which banks the customer can pay at, the validity period of the payments and other information. The service providers can also cancel payment requests, create regular payments, and check the status of payments.

Uni-Cash Bank is the interface point for banks. Banks can search payment requests, update payment requests and print and provide proof of payments. Banks can search the system for reports about past payments, pending payments and other information.

Uni-Cash Bank is deployed at the bank, interfaces with Uni-Cash Central, and is integrated with the core banking system of other banks and channel payment systems, according to Merid Tilahun, the technical managing director of Atlas Computer Technology.

The system started operations this April. For the service, Atlas Computer Technology, which deployed 26 professionals to develop the system, gets paid quarterly.