Business

K-Electric join hands with Avanza Solutions for real time payment system

K-Electric Avanza Solutions

The K-Electric (KE) has joined hands with Avanza Solutions, one of the leading fintech organizations across the globe, to implement Real Time Payment System (RTPS).

K-Electric (KE), Pakistan’s only vertically integrated power utility has signed an agreement with Avanza Solutions. Real Time Payment System (RTPS) facilitates bill payment by directly interlinking all the banks and KE.

RTPS is based on Avanza’s e-BPS which is typically a bill payment platform powered by Rendezvous, ‘an enterprise middleware’, that enables organizations to provide delivery channel services.

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Moreover, all details of bill payment gateway operations are automated via e-BPS that ensures that transactions are executed from all the sources in a uniform, secure, and efficient manner.

Also, the middleware facilitates transactional processes and transaction routing functionality by providing a real-time bill inquiry and bill payment services of KE data to banks on a real-time basis.

According to the statement by Avanza Solutions, the implementation of the new system will modernize KE’s existing bill payment infrastructure and accelerate the process of onboarding new banks / alternative distribution channels (ADC).

Over the past 2 years, KE’s wider corporate modernization efforts’ core element has always been the digitalization of front and back-end payment infrastructure. Moreover, the power utility started to facilitate utility bills payments via credit and debit cards on its corporate website and KE was the first power utility in Pakistan to offer this service.

KE plans to on-board payment service providers across all verticals on its platform including, Banks, Telecoms, Payment Service Providers (PSP).

Muhammad Aamir Ghaziani, Chief Financial Officer KE, Amer Zia, Chief Distribution Officer, KE, Mahmood Kapurwala, Chief Executive Officer, Avanza Group, Jalil Ahmed Farooqui, Business Development Head (Asia Pacific), Avanza Solutions and Fawad Zia Siddqui, Senior Account Manager (Asia Pacific), Avanza Solutions were present in the signing meeting.

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