12 April 2024 05:25 PM

Instant Payment Network

Wednesday، 20 December 2023 - 10:38 AM

 

President Abdel Fattah El-Sisi lunched the Instant PaymentNetwork (IPN) is a national network linking all operating bankswithin the Arab Republic of Egypt in March, 2022.

IPN is aconsiderable milestone and one of the most importanttechnological achievements the country has yet witnessed thathas positively impacted the country’s infrastructure supportingFinTech companies. At the core of IPN lies advancedinteroperability systems linking all banks through digitalinfrastructure enabling integration with FinTech companies andpaving the road for opportunities for innovative servicesserving the entire population.

IPN has allowed bank customers to manage their bank accountsand finalize transfers with any bank through one application,and complete real-time instant financial transactions, onweekdays and during official holidays.

InstaPay Application

InstaPay is the first application licensed by the Central Bank of Egypt to provide payment service via the IPN. The EgyptianBanking Company, the technological form of the Central Bank, has developed the Instant Payments Network and the InstaPayapplication in accordance with the directives of the CentralBank of Egypt, with the assistance of major internationalconsulting companies specialized in securing payment networksand electronic payment applications.



Services provided by IPNBy using IPN, the following financial and non-financialtransactions have been made possible, for banked customers,through the release of mobile applications based on thenetwork:

Linking all the customer’s bank accounts through one mobileapplicationInstant transfer of funds to bank accounts, Meeza cards andmobile walletsSending money collect requests to other usersBalance inquiry requestsMini statement requestsSending donations to registered charity organizations.

Banks operating inside Egypt provide the instant moneytransfer through their pre-authorized electronic channels suchas internet and mobile banking.Transfer to all different type of cards in Egypt including creditcards.

Statistics about the network:The amount of instant transferred through the system reachedLE 65.7 billion, since the launch of the system in March 2022until December 2022.

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