DUBLIN, March 21, 2019 /PRNewswire/ -- PayLogic, a premier payment systems technology company, and eCurrency, a leading Digital Fiat Currency (DFC) technology company, announce a partnership to deploy a new generation of National Retail Payment Solutions (NRPS) comprising the Digital Fiat Currency, payment switch and e-money wallets with unsurpassed security, usability, interoperability, and settlement efficiency. The joint solution significantly reduces risks of payment processing and promotes financial inclusion for the businesses and people across the globe.
Rich interconnectivity and instant settlement.
Leveraging the versatility and the reliability of PayWay, the PayLogic technology, and the advanced security, performance, and reliability of eCurrency DFC technology, this partnership enables fast and secure payments between banks, e-money services providers, and merchants. The solution can be connected with banking networks and existing e-money systems. Transactions and settlements between the senders and recipients will be instant and final, executed in DFC issued by the central bank, also known as CBDC (central bank digital currency).
Full interoperability and security.
The solution will significantly enhance the interoperability between e-money and banking services and reduce the risks associated with digital payments. Transaction reconciliation will be streamlined, and consumer funds will have additional protection against fraud and counterfeiting. Service operators will be able to offer richer use cases and enhanced user experience. The joint solution will improve AML and CFT protections and is expected to reduce the use of physical cash, providing convenience and a reduction of the significant costs associated with the handling of physical notes and coins.
"The benefit of our partnership is twofold," said Mohamed Mekouar, Chairman of PayLogic. "First: synergies of both platforms on how they address the needs of the financial community. Second: Increased global presence of both companies thanks to leveraging on each one's customers' portfolio."
"Our products have long track records of reliable field operations in many countries around the world. They complement one another, and their combination is not merely additive, but rather creates a new class of financial solutions drastically increasing security and efficiency of payments," added Thomas Kudrycki, CTO of eCurrency.
About PayLogic: PayLogic is a leading EFT company. It provides payment switch systems managing front to back interbanking transactions flows. Its flagship PA-DSS certified solution, PayWay, has numerous references in Africa and the Middle East. PayWay has been winning strong momentum thanks to its agility and customization features. PayLogic also developed a mobile switch platform, AMA, connecting various operators: MNO, banks, microfinance, fund transfer companies, and aggregators. Each operator leverages on other's assets thus expanding its distribution network and operational offer. AMA received praise from Central Banks and Government Bodies because it enhances financial inclusion and improves tax revenues. AMA received the Award of Best Innovative Mobile solution in APID 2018. For more information visit www.pay-logic.com
About eCurrency: eCurrency Mint (eCurrency) is the leading provider of digital currency security systems for central banks. eCurrency enables central banks to securely and efficiently issue digital fiat currency to operate alongside notes and coins. eCurrency has pioneered the world's first end-to-end solution for digital fiat currency issuance and circulation. The company combines hardware, software, and cryptographic security protocols to provide central banks the tools they need to preserve their charter and doctrine as the sole issuer of the national currency in an increasingly digital economy. By enabling more secure and efficient digital transactions, eCurrency supports the vast economic opportunities presented by the global shift to digital payments, including increased transaction efficiency, financial inclusion, and economic growth. For more information visit: www.ecurrency.net.
SOURCE eCurrency Mint Limited