BANK OF AFRICA choses SBS for North-South money transfers

Sep 01, 2021
Sopra Banking Software

Paris, 1st of September 2021 – Sopra Banking Software (SBS), a global leader in financial technologies, have announced the recent signature with BANK OF AFRICA, to launch a new innovative offering for North to South money transfers based on SBS Open Banking Platform, powered by European open banking platform Tink.

Technology disruption, new regulations, consumer shifts and the impact of the global pandemic are driving rapid change in the financial services sector. Financial institutions in Africa also need to focus on improving remittance cash flow and helping customers weather the storm. Open banking-powered remittance allows financial institutions to support their diaspora customers with fundamentally better services.

SBS and BANK OF AFRICA are strengthening their partnership with a view to rolling out Sopra Banking Software’s cloud-native Open Banking Platform for North – South transfers. By adopting this innovative solution, BANK OF AFRICA is demonstrating its strategic decision to enhance services supporting the remittance customer journey, leveraging on SBS Platform to orchestrate the various key services such as account aggregation & payment initiation through Open Banking process, real-time currency converter, change currency estimate depending on transfers etc.

Mounir Chraibi, Chief Operating Officer of BANK OF AFRICA explained: “BANK OF AFRICA is embarking on a key project to launch a new innovative offering for South to North money transfers, that will complete the very first transfer by card “DabaTransfer” offering we’ve initiated recently. We are convinced that our partnership with Sopra Banking Software and the deployment of this Open Banking Platform will be a driving force to facilitate fast, easy, and cost-effective remittances. By capitalizing on open banking opportunities with next-generation money remittance software, we will reduce the cost of money transfers and simplify the customer experience.”

 “We are very happy to be able to guide BANK OF AFRICA Group through their remittances offering transformation, they will take advantage of a streamlined payment software — utilizing account aggregation, leveraging multicurrency payment initiation services, and making international transfers painless, within innovative broader added value services for their customers.” commented Raouf Mhenni, Executive Vice President, MEA of Sopra Banking Software.

The SBS Open Banking Platform enables creation of innovative digital customer journeys leveraging various API services of its marketplace partners. With Tink API, it will enable BANK OF AFRICA’s customers to access to EU bank accounts through a regulated AISP and PISP, to proceed money transfer from account to account, to view payment summary. And amongst other additional advanced services of the SBS platform, it will allow the bank to manage scooping & clipping to automate remittances.

About Sopra Banking Software 

Sopra Banking Software is the partner of choice for more than 1,500 financial institutions worldwide. The rich variety of our solutions, the strength of our conviction and our passion for innovation enable us to support our clients on a daily basis and in their future projects, as well as in their goals regarding financial inclusion. Our customers, based in over 80 countries around the world, benefit every day from our technologies and software, as well as the expertise of our 5,000 employees. Sopra Banking Software is a subsidiary of the Sopra Steria Group, a European leader in consulting, digital services and software development. With more than 46,000 employees, the Sopra Steria Group generated a turnover of €4.3 billion in 2020. For more information, follow us on LinkedIn, Twitter & Instagram or visit www.soprabanking.com

About Tink

Tink is Europe’s leading open banking platform that enables banks, fintechs and startups to develop data-driven financial services. Through one API, Tink allows customers to access aggregated financial data, initiate payments, enrich transactions, verify account ownership and build personal finance management tools. Tink connects to more than 3,400 banks that reach over 250 million bank customers across Europe. Founded in 2012 in Stockholm, Tink’s 400 employees serve more than 300 banks and fintechs in 18 European markets, out of offices in 13 countries. We power the new world of finance. For more information, visit tink.com

About BANK OF AFRICA

Among the leading pan-African financial groups, BANK OF AFRICA is a universal banking group with diversified and multi-business focus areas namely commercial banking and investment banking as well as specialized financial services such as leasing, factoring, consumer credit and debt collection. BANK OF AFRICA  is today the most internationally oriented Moroccan banking group with a presence in 31 countries throughout Africa, Europe, Asia and North America, employing more than 15.200 employees around the world, with more than 1.700 branches serving nearly 6,6 million customers. For more information, visit: bankofafrica.ma

Press contact

Sopra Banking Software: Stéphanie Decortiat – +33 6 71 56 43 10 – [email protected]