Genex Infosys Ltd, a premier IT enablement company in Bangladesh, and City Bank PLC, a leading provider of banking solutions, officially signed an agreement recently at the bank’s head office in Gulshan 1, Dhaka.
The partnership will enhance the card payment landscape for retailer EFDMS devices across the nation, according to a press release.
The collaboration marks a significant milestone in the financial technology sector by integrating City Bank's payment gateway acquiring application into Genex's Electronic Fiscal Device (EFD) machines. This strategic partnership is set to revolutionise the way card transactions are processed, providing a seamless and efficient payment experience for customers. The customers will enjoy this service after a few months, read the release.
Under the scope, Genex Infosys will deploy City Bank's innovative card payment gateway application across the network of the bank. These devices are designed to facilitate not only card transactions but also efficient VAT invoice generation for a wide array of merchants throughout Bangladesh.
The agreement will play a significant role in building a cashless society and promoting financial inclusion. It will also expand the scope of the retailer’s VAT collection, contributing to an increase in government revenue. This entire process is part of the government’s advancement effort in the financial ecosystem.
"This partnership with City Bank enables us to leverage our technological expertise to enhance the card payment solutions available to EFD merchants and their customers," said Shah Jalal Uddin, acting managing director and CEO of Genex Infosys Ltd.
"Integrating City Bank's advanced card acquiring solutions into our POS systems will streamline transaction processes, making them quicker and more secure,” he said.
The agreement also details a commercial arrangement where both Genex Infosys and City Bank will benefit from a shared revenue model on card transactions processed through the EFD devices. This collaborative effort not only underscores the commitment of both parties to financial innovation but also ensures a mutually beneficial relationship that supports business growth and enhances customer satisfaction, according to the release.
Sheikh Mohammad Maroof, additional managing director of City Bank, expressed enthusiasm about the partnership, stating, "Our collaboration with Genex Infosys represents a pivotal step forward in our mission to expand digital payment solutions across Bangladesh. By combining our resources and expertise, we are setting a new standard for card payment operations, ultimately benefiting our merchants and their customers."
The event concluded with a ceremonial signing, attended by senior officials from both organisations. This partnership is expected to significantly impact the financial technology landscape, driving further innovations and improving the overall efficiency of electronic transactions across the country.
