“Madfouat” is the national Electronic Bill Presentment and Payment service provider. The primary function of Madfouat is to be a central entity connecting all banks and billers in the country to an integrated infrastructure. Madfouat provides a mechanism to handle all payment transactions for periodic bills (water, electricity, fixed-line phone…etc) and one-time fees (traffic fines, taxes, air tickets… etc) through all channels of operating banks in Syria.
Madfouat main benefits
Benefits for citizens and residents
The citizens and the residents benefit from Madfouat in several respects:.
- Possibility of making payments independently of time and place;
- Reduced costs and savings in effort and time;
- Reducing service interruption due to late payment;
- Highly reliable and safe
- Reducing cash circulation
- Bill presentment and payment in one place.
Benefits for Billers
Billers can expect a major improvement in customer services and the process of bill collection and reconciliation, as billers will benefit from Madfouat in the following respects:
- Decrease in capital expenditure due to lower infrastructure spending
- Decreased in operating expenses (human resources, paper, electricity, etc.)
- Dealing with a single point of contact instead of establishing a separate points of contact with each bank separately
- Lower costs for reconciliation and settlement procedures
- Maintaining confidentiality and privacy of citizens’ data by linking to a highly reliable system.
Benefits for banks
Banks benefit from Madfouat in several respects:
- Reducing the cost of collection, reconciliation and remedial of invoices
- One point of contact instead of linking to each biller
- Reducing direct dealing with billing sectors and providing better/developed customer services
- Reducing customer service representatives and bank employees needed for bill payment and their reconciliation
Benefits at the national level
- Provide a centralized system for electronically viewing and paying bills, fees, taxes, etc.
- Facilitate and expedite the process of paying bills and fees through operating bank channels.