https://sputnikarabic.ae/20240118/Syria-launches-the-era-of-integrated-electronic-payment-1085142218.html

Syria launches the era of integrated electronic payment

Syria launches the era of integrated electronic payment

Public and private entities in Syria have begun to join electronic payment services in the context of the (electronic payment system) at the Commercial Bank of Syria, which will enable citizens to deal… 01.18.2024, Sputnik Arabic

2024-01-18T14:42+0000

2024-01-18T14:42+0000

2024-01-18T14:42+0000

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The Director of Electronic Payment at the Commercial Bank of Syria, Engineer Wassim Al-Ali, said that electronic payment for all services and goods will contribute to reducing effort and time for citizens, and enabling them to pay their bills from anywhere without bearing the hassle of moving. Al-Ali pointed out in a statement to “Sputnik” that The electronic payment system that the bank is working to localize despite the difficulties and US sanctions is truly global. It is advanced, stable, and accommodates the future expansion that the bank aspires to in its new service environment. It also allows for the issuance of an unlimited number of diverse electronic payment cards thanks to its digital strategy in upgrading the operating methodology. The director of electronic payment explained that the integrated electronic services that will be launched through the new system today allow paying bills to various telecommunications companies, in addition to service allowances for electricity, water, transportation, traffic, and university fees, in addition to other jobs and services that will be provided successively, such as paying loans and allowances for According to Al-Ali, the Commercial Bank was the first to launch this type of digital infrastructure in the country, based on its specialization as a commercial bank in addition to the large size of its operations and spread within the Syrian territories, after the localization of the new independent system, and its importance lies in enhancing the digital transformation by offering… Innovative banking services in a more effective manner. The director of electronic payment at the Syrian Commercial Bank stated that the bank has begun pilot projects for services of a diverse and experimental nature, including publishing points of sale within government fuel stations under an agreement with the “fuel” company on the one hand, and with local payment companies on the other. It is now possible to pay using any payment card issued by public or private banks and financial institutions in Syria. Increasing the number of customers and services. Engineer Muhib Issa, director of the electronic payment project for the implementing company at the Commercial Bank of Syria, emphasized the importance of keeping up with modern technological developments and being consistent with the digital transformation policy that adopted by the Syrian government. Issa added that the Commercial Bank of Syria anticipated early on the need to develop its mechanisms, systems, and infrastructure, in preparation for this stage and the subsequent service structures it entails. The director of the electronic payment project revealed in a statement to “Sputnik” that “equipping a modern and advanced data center according to The latest approved international standards for data centers, which is capable of meeting all of the bank’s current and future needs, and the expected increases in the number of customers, services or systems. The best international equipment in data security and in data processing and storage has been brought in, and work has been done on installing the first banking switch in Syria. After the bank and all the custodial authorities conducted all the tests that ensure the accuracy of the transfer’s work and its ability to accommodate many times the current services.” According to Issa, the pilot projects that are being worked on give a promising impression, as the volume of financial transactions on the various electronic channels of the Commercial Bank reached during the second half of the year. In 2023, more than 500 billion Syrian pounds, and the number of electronic cards issued reached more than one million electronic cards. The director of the electronic payment project stated that securing electronic payment is one of the services provided by the new system, but the services are not only linked to the commercial bank, so any service that is provided to it Several components (billers, electronic payment channels, bank transfers), and the Commercial Bank’s systems are considered part of these components, and work is being done to integrate them with the sub-systems of service providers and other facilities. Issa added: “There is an exceptional importance to the Syrian Commercial Bank, which lies in its large size within The national banking sector, and the diversity of services it provides to various economic activities in the country, and this requires securing the requirements of digital transformation, including expanding to accommodate the large increase expected for the bank’s customers in the foreseeable and long term, and the rapid increase in the number and quality of services that require availability in the Syrian banking sector, And the increasing demand for the use of electronic payment, the rapid developments in financial and banking policies and the necessity of securing their requirements.” The director of the electronic payment project for the implementing company explained the importance of spreading the culture of electronic payment and taking all necessary technical measures to achieve a smooth transition to electronic payment completely, and as quickly as possible according to the channels approved by Before the Central Bank of Syria.

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Exclusive, Sputnik reports, Syria news today

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Public and private agencies in Syria have begun to join electronic payment services in the context of the (electronic payment system) at the Commercial Bank of Syria, which will enable citizens to deal with the services provided by public or private agencies away from traditional means of payment that are under the pressure of the transportation crisis due to the scarcity of oil derivatives. This results in significant additional costs for the recipients of services.