FAQs

1.  What is the value of joining the Switch and the increased ATM access?

• Joining the switch saves banks money
• The switch gives more convenience to bank customers as they do not have to look for their specific bank ATMs.
• The switch provides additional services such as the ability to pay for utility bills and mobile phone top-up.
• Joining the switch will enable the banks attract customers in areas that they do not have ATM presence.

2. How can I justify the cost of switching fees to my customers?

• You need not pass the entire cost of switching to the customers.
• You can absorb part of it due to the savings arising out of the efficiencies the technology will bring to your systems.
• Make the fee a monthly or annual fee rather than a transaction fee and customers may accept it.
• Switching fee is cheaper than having the bank invest in the ATMS and operate them.

3.  What is an Inter-bank Switch?

An inter-bank switch is a high performance credit/debit processing facility for all transaction processing needs. It connects touch points (ATMs, POS, Mobile Phones) to different end points (Banks, International Card Organizations, Mobile Operators, Utility Billers, etc...).

4. What Services does an Inter-bank Switch provide?

The Switch provides the following services:

• Inter-bank ATM transaction Switching. (A Bank customer is able to use ATMs owned by other Bank).
• ATM management on out-source basis. (The Switch is able to operate and manage Bank owned ATMs economically and  efficiently)
• Inter-bank POS transaction switching
• Electronic Mobile top-up through the ATMs or Mobile Phones
• Utility bill payments through ATMs, Mobile phones or POS.

5. What does Value Added Services mean?

Value added services are additional services provided on ATMs and Mobile Phone. These are;

• Utility Bill Payment
• Mobile phone re-charge
• Advertising

6. What is Triple DES (3DES)?

Triple DES is the Encryption protocol adopted internationally by financial institution to replace the currently used Single DES protocol which proven to be inadequate.
Bankom Inter-bank Switch supports Triple DES and Single DES as well as EMV mandate.

7. What is a CBA?

The Cost Benefit Analysis is an exercise that is undertaken by Banks before they can join the Network to enable them identify what it costs them to operate ATMs or Point of Sale machines and compare this with what the cost would be if they joined the Network in order to verify the cost savings that they would achieve by joining the Network.

8. What is a UAT?

The User Acceptance Test is an exercise which involves technical tests  undertaken by both Bankom and the Banks as they join the Network to ensure that all interfaces or banking systems are sychronised to ensure seamless inter-bank transactions on the Switch.

9. What ATMs are currently available?

Customers of dfcu Bank, Cairo International Bank, Orient Bank, CMF and Finance Trust can share their ATMs as well as the Bankom-owned SmartPoint^TM ATMs. For all locations of current ATMs, click here....