Bank of Africa Chooses Sopra Banking Software’s Open Banking Platform to Operate North to South Money Transfers

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 (Account Information Service Providers) and PISP (Payment Initiation Service Providers), 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.

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