Network International to Process Bank NXT's ATM and Debit Cards
The Egyptian lender is moving its ATM and debit card portfolio onto Network International's end-to-end processing platform, extending an existing partnership.
Nadia Mansour Nadia Mansour covers fintech across the UAE and MENA for Anecdoted -- digital banking, payments licences and the startups building around them. nadia@anecdoted.com
Network International will handle processing for Bank NXT's ATM and debit card portfolio, moving the Egyptian lender's cards onto its end-to-end platform. The arrangement widens a relationship the two companies already have in place.
The bank expects the migration to simplify its operations and tighten security controls, and it anticipates a better experience for cardholders as a result. Bank NXT also frames the move as part of a wider push to digitalise its payment services and replace ageing payments infrastructure.
What the platform covers
End-to-end card processing generally spans authorisation at the ATM or point of sale, switching between networks, settlement with the card schemes, chargeback and dispute handling, and fraud monitoring. Moving that stack to an outside processor can lower the cost of running it in-house and shorten the time needed to put new card products in front of customers. It also concentrates operational dependency on a single vendor.
No financial terms or timetable for the migration were disclosed.
Expansion and customer confidence
Bank NXT says the shift supports its growth plans, partly by reinforcing confidence among customers it already serves and those it wants to win. Faster launches of new products and more efficient operations are the other outcomes the bank is targeting.
Network International supplies payment services across the Middle East and Africa. It says its processing capacity will let the bank scale its offering as volumes and product lines grow. Bank NXT runs retail and corporate banking businesses in Egypt.
A banking sector in transition
Egypt's banking market is changing quickly. The Central Bank of Egypt is driving much of that shift as it works to build a digital economy, and lenders across the country are re-examining how their payment rails are built and operated. Outsourcing the processing layer to a specialist leaves the bank to concentrate on products, pricing and the customer relationship itself.
Tamer Seif El-Din, Bank NXT's chief executive and managing director, called the partnership with Network International central to the bank's plan to modernise its payments infrastructure and serve customers better.
Dr Reda Helal, Network International's group managing director of processing for Africa and growth markets, said the work reflects the company's intent to widen its geographic reach and support the digital shift taking hold at banks across the MEA region.
For Bank NXT, the cardholder relationship stays on the bank's side of the ledger. The processing behind it does not.
