Radar | Jan 11,2020
September 19 , 2020
By MEBA FIKADU
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.
Two schools are in the process of registering with the system, according to Belete Dagnew, chief retail banking officer of Abay, which commenced operations a decade ago and now has over 4,000 shareholders. During the 2018/19 fiscal year, the Bank netted 501.6 million Br in profit, a 70pc increase from the preceding fiscal year. Its paid-up capital has also reached 1.7 billion Br.
Before registering with the system, schools have to provide the students' documents, addresses and parents' phone numbers.
"The system will enable the Bank to get new customers and keep customers working with the Bank for a longer period," Belete said.
It will save time for parents who have been visiting banks to pay fees and then go back to the school in person to get stamps on the receipts they brought from the banks, according to him.
School of Redemption, an elementary and high school located in Lebu area with over 2,000 students, is one of the users of Uni-Cash system.
"Beyond creating convenience for parents," said Demeke Ayalew, the school's general manager, "it enables us to manage our finances effectively."
Tewodros Tassew, a fintech expert with a decade of experience in the industry, suggests the banking industry focus more on the interoperability of services, which enable banks to communicate and exchange data.
PUBLISHED ON Sep 19,2020 [ VOL 21 , NO 1064]
Radar | Jan 11,2020
Featured | Apr 30,2021
Editorial | Jun 07,2020
Fortune News | Feb 09,2019
Radar | May 14,2022
Fortune News | Apr 03,2021
Fortune News | May 08,2021
Fortune News | Jul 20,2019
Commentaries | Nov 30,2019
November 27 , 2021
Against my will, I have witnessed the most terrible defeat of reason and the most sa...
November 13 , 2021
Plans and reality do not always gel. They rarely do in a fast-moving world. Every act...
October 16 , 2021 . By HAWI DADHI
Residing in a country with no capital market, an organised marketplace for trading se...
August 28 , 2021 . By HAWI DADHI
The streets of Addis Abeba are as varied as they are many, although too many of them have yet to be named. From the narrow alleyways of the...
Leaders of the National Election Board are in a charm offensive mood, of a sort. Last week, they organised a rare tour for members of the me...
When the country’s most senior diplomats and envoys return back to their posts after two-week debriefings, they leave behind a point or tw...
May 14 , 2022
Diana Yohannes is one of those actively engaging in social media platforms with her T...
May 7 , 2022
The Ethiopian Economic Association (EEA) recently proposed the formation of a macroec...
April 30 , 2022
There is no ambiguity in the UNDP's assessment of Ethiopia’s economic performance a...
April 22 , 2022
Most African countries top the list when ranked on the prevalence of conflict, food i...
PM Abiy Ahmed (PhD) at a Gala Dinner Called for the Awarding of the Félix Houphouët-Boigny Peace Prize
May 6 , 2019
It is impossible to talk about life without bringing up death. Death seems distant, something we often try to avoid discussing. We only real...
Or see contact page