K-Electric (KE) has joined hands with Avanza Solutions, one of the leading Fintech organizations across the globe, to implement the Real-Time Payment System (RTPS).
Real-Time Payment System (RTPS) is based on Avanza’s e-BPS which is a bill payment platform powered by Rendezvous, ‘an enterprise middleware’, that enables organizations to provide delivery channel services. e-BPS implementation automates all details of bill payment gateway operations and ensures that transactions are executed from all the sources in a uniform, secure, and efficient manner.
RTPS will facilitate bill payment by directly interlinking all the banks and KE. 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.
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).
Digitalization of front and back-end payment infrastructure has been a core element of KE’s wider corporate modernization efforts over the past year. Recently, the power utility started to facilitate utility bill payments via credit and debit cards on its corporate website.
RTPS, once fully implemented, will also lead to wider acceptance of bill collection by the consumers and banks alike. KE plans to on-board payment service providers across all verticals on its platform including banks, telecoms, and Payment Service Providers (PSP).
Present at the signing ceremony were 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 Siddiqui – Senior Account Manager (Asia Pacific), Avanza Solutions.