Sign Maryland Banking Work Order Secure

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and syphilis took a little bit more about payments and how safe are your card transactions while recently the through the Bankers Association the central bank pushed for a shift from the old system of payment to the new pin system but that is not enough because Kent's which is trying to make that even safer and faster and Georgina joins me George Raymond is the MD focus which caribou sauna is something you have a pretty ambitious product here domestic interbank transfer service yes what's that about the domestic interbank transfer service is a service that came off the back of agency banking right about three years back the central bank of Kenya decided that commercial banks need to expand their footprint in terms of ensuring that we have Financial Inclusion right and looking at the success of the mobile operators I decided to have agency banking now the premise around agency banking was that the customers account had to be credited on a real-time basis that meant that the customers could go to an agent and say I want to deposit money into my account and because of the nature of agency banking we we asked answered sat and looked at what was happening within the system on one end we were having customers account which was being debited and another one it was being credited so he said why don't you put that together and create a system where you can transfer money from one account to another but across how exactly does this work do I need an extra card no the the way the system has been built it works it's exist it works on the existing infrastructure so from a card holders perspective if you have a card from your bank and you want to transfer money let's say you had ABC back and you want to move money to kcb you put in your card that has been issued by ABC Bank into the ATM when you go to H and you have a screen that shows you the list of banks that are participating within the platform you specify kcb and you put in the amount the accounts that you want to send the money to and in the amount and that transaction goes across and credits the account within six seconds question everyone should be thing is that some special rates to this is an historic sub you know fine prints that probably I'll be charged more for this and this when we looked at the other instruments that are there there's they if you want to move money interbank right now you can either send an RTG s which takes about two US or an EFT which takes about today or alternative write a check and those instruments are priced at up to even up five hundred shillings per transaction right well we've got in very aggressively into the with this particular system and you move money between fifty shillings and 1 million shillings for as little as starting from five shillings to a maximum of 200 shillings so it's very cost effective from the consumers point of view how safe is this well the system is built on we use the same chip-and-pin I think the industry has been rolling our chip-and-pin for the last one year right so it utilizes the same infrastructure as the current ATM cards which have EMV and so it's an EMV compliant system right so it is very secure all the information that's going through the system is encrypted so from a consumers point of view there's there's no you know there's not not much you have to worry about Giorgi operating in a space that is very dynamic recently we've seen the introduction of the virtual mobile operators where the banks are now trying to get a piece of mobile money transfer what's in this for you how secure is your space in your participation in this especially the ending view of mobile money transfer when you look at this platform that we've set up the beauty of it is I've mentioned that you know you can idea but some of the larger operators the banks in the market are looking at it in terms of how can we facilitate to enable our mobile banking platforms to move money into back so for us it's something that is very complementary I don't own the end customer points we don't interact directly with the customers our focus our scans which is to talk to the commercial banks look at where they are moving in terms of their business and see how a platform can facilitate what they want to achieve especially in terms of payments for their customers so it's a good fit for us right going forward George what do you see as the next step in regards to cashless transactions because that is a space which everyone is moving into Nairobi's now cashless we tattoo rides our cashless what opportunities do this kind of trend does it offer to people like you seriously you should mention the Matata sector we are in partnership with a company called peso print and they have deployed terminals within the Matata sector that facilitate the use of water colleague tap and go technology where as a customer of a mitachi you don't have to have cash you you buy those cards and you can load them off for a platform the domestic interbank transfer platform because it allows the transfer of cash from your account into your prepaid card so from a consumers perspective your bank account is not exposed what you have is a prepaid card which is a stop-and-go technology which you can load for let's say for one week you put a thousand shillings for you or for your fare for that one week and you can use it on the modular so askance which we are facilitating the Matata industry to move towards a cash light payment system in about 30 seconds George what are the challenges facing this new way of doing business I think when you look at the industry is in terms of ensuring that all partners or all bands are participating at the same time we have challenges in terms of the communication links but we have ways to ensure that you know from from an industry perspective those have been addressed we are talking with the telecommunication companies to ensure that they provide good app times because remember this are done on a real-time basis and if the communication links are not up then it becomes difficult to deploy these services great was a good place to wind up George when Anna the MD can switch talking to us about the domestic interbank transfer service is the latest in the market go check it out try it out let's see what all it's about he says it's very safe heated