ElectraCard Services powers the debut of MasterCard® prepaid cards in Zimbabwe for FBC Bank

ElectraCard Services (ECS), a leading provider of software solutions for electronic payment systems, has signed an agreement with FBC Bank, Zimbabwe to provide an end to end processing for its MasterCard® debit and prepaid cards. With this, FBC Bank will be the first domestic bank to issue MasterCard® prepaid card in Zimbabwe, since the introduction of multi-currencies.

Online PR News – 25-August-2011 – – India, Pune, 24th August 2011: ElectraCard Services (ECS), a leading provider of software solutions for electronic payment systems, has signed an agreement with FBC Bank, Zimbabwe to provide an end to end processing for its MasterCard® debit and prepaid cards. With this, FBC Bank will be the first domestic bank to issue MasterCard® prepaid card in Zimbabwe, since the introduction of multi-currencies.

ECS is a preferred processor for Prepaid for MasterCard in whole of Africa, Middle East and Asia-Pacific. As technology partners to FBC bank, ECS will handle complete processing of the debit and prepaid cards right from applications, card and accounts, transactions, billing, statements, payment and dispute resolution. It will host the solution from its World Class PCI-DSS certified data centre in Mumbai, India.

Mr. Agrippa Mugwagwa Executive Director Retail Banking and e-Commerce at FBC Bank, said, "We are committed to deliver value-added solutions to our customers in Zimbabwe and we are very excited about the partnership with ECS, which we believe has further strengthened our payment services to our customers. Through this partnership we are now able to deliver global convenience and security to the market. This will further assist us to constantly innovate and deliver the best for our valued customers."

Speaking on this occasion, Mr. Ramesh Mengawade, CEO, ElectraCard Services said, “The FBC Bank MasterCard® debit and prepaid cards will help the customers of FBC Bank to securely and conveniently transact anywhere in the world. ECS will not only assist the FBC Bank to provide more convenience to its customers but also help them strengthen their position as a market leader in electronic payment solutions.”

About FBC Bank:

FBC Bank Limited is the flagship strategic business unit of the FBC Group. It is a registered commercial bank and became one of the first locally-owned banks in Zimbabwe after its establishment in 1997. The Board of Directors of FBC Bank Limited comprises a cross-section of professionals and a highly experienced management team. The FBC Bank Limited Board is a high level policy-making team is accountable to the FBC Holdings Limited Board and monetary authorities in setting direction through the establishment of strategies, broad objectives and key policies. The FBC Bank Limited Board also monitors the implementation of set policies through a structured approach to reporting and accountability. Corporate Governance issues are highly prioritized in line with Reserve Bank of Zimbabwe guidelines and there is avid commitment to the principles of transparency

http://www.fbc.co.zw/bank/index.cfm

About ElectraCard Services

ElectraCard Services, a subsidiary of Opus Software Solutions, provides third party processing services for credit and payments management across the world. ECS is a PCI DSS certified Third Party Processor (TPP) for MasterCard® and VISA® across the issuing and acquiring side. Its deep domain knowledge, extensive global experience and cost effective solutions address the speed to market and flexibility challenges of today’s market.

ElectraCard Services enables financial institutions, retailers, finance companies and corporations to electronically process, in real-time, any type of payment transaction, including credit, debit, pre-paid, smart cards, and ACH. In addition to typical back office processing, ECS also offers ecommerce gateway and switching solutions. Its solutions support multiple institutions, multiple currencies, and varying processing requirements on a single platform.

By providing comprehensive and flexible solutions that can be deployed to a market of one, ElectraCard Services offers unmatched services and solutions.

www.electracard.com

®MasterCard is a registered trademark of MasterCard International, Incorporated.
®VISA is a registered trademark of VISA International Service Association.
electraSWITCH is under trademark and copyright by ElectraCard Services.

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Contact Information
Abhijit Kalyani

020 25882824