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Interswitch, Africa’s leading integrated payments and digital commerce
company, and Compass Plus Technologies, an international provider of retail
banking and electronic payments software, have announced a partnership to
further strengthen Interswitch’s payment card processing capacity in Africa.
The strategic partnership will see
Interswitch utilise TranzAxis, an award-winning, token-based,
cloud-native and API first open development payments platform developed by Compass Plus with innovation at its
core, for Verve,
Visa and Mastercard credit card processing.
This collaboration forms part of
Interswitch’s comprehensive response to
the evolving and constantly expanding demand by the African market and will boost its presence across the
continent as it continues to deliver on its promise as the gateway to Africa’s
payment ecosystem. Currently, six banks across Africa have been onboarded on
the new platform, resulting in a major collaboration with Sterling Bank of
Nigeria to launch the first Verve credit card in the country.
Commenting on the collaboration with
Compass Plus Technologies, the Managing Director, Payment Processing and
Switching (Interswitch Purepay), Akeem Lawal said: “We are pleased to announce this
partnership with Compass Plus Technologies which aligns with our
commitment to making payments easy and convenient. Migrating our card processes to the
TranzAxis platform will allow us to further improve our service offerings as we
remain focused on providing cutting-edge solutions that optimize service
delivery.”
He also added:
“Interswitch will continue to leverage strategic partnerships like this that will position us for greater impact on the African continent.”
Also commenting, Adil Ahmed, Vice
President & Deputy Managing Director, MEA at Compass Plus Technologies,
said: “We are delighted to partner with Interswitch, one of the biggest
processors in Africa. Interswitch has always strived to drive positive change in
the region, and now that they have TranzAxis to support their ambitions, they
will continue to revolutionise Africa’s payments space in the region, further
strengthen the Verve payments network, and manage their Visa and Mastercard
credit card business more efficiently.”
By utilising TranzAxis, Interswitch can rely
on its extensive API capabilities for seamless integration, which significantly
accelerates time to market. It also provides operational workflows to segregate
system set up in compliance with rules and controls required to scale and meet unique
market requirements.
The new platform has been deployed in one
of Interswitch Group’s technology hubs domiciled in Nairobi, Kenya, and will
have the capability to process transactions for Interswitch clients across
Africa, with localised instances for each country carefully tailored to meet
clients’ unique needs.
–ENDS–
For more
information, please contact:
For Interswitch:
For Compass Plus
Declan
Kinsella or Ash Dhindsa PR@compassplus.com
+44 115 753
0120.
About Interswitch:
Interswitch is a leading
technology-driven company focused on the digitization of payments in Nigeria
and other countries in Africa.
Founded in 2002, Interswitch disrupted
the traditional cash-based payments value chain in Nigeria by supporting the
introduction of electronic payments processing and switching services.
Today, Interswitch is a leading player
with critical mass in Nigeria’s developing financial ecosystem and is active
across the payments value chain, providing a full suite of omni-channel payment
solutions.
Interswitch’s vision is that of a
prosperous Africa, driven by a seamless exchange of value and commerce and its
mission is to create technology solutions that connect and empower individuals,
businesses, and communities. Interswitch’s broad network and robust payments
platform have been instrumental to the development of the Nigerian payments
ecosystem and provide Interswitch with the infrastructure to expand across
Africa.
About Compass Plus Technologies:
Compass Plus Technologies is passionate about payments
technology and architecting it properly for the needs of today and tomorrow.
From start-ups and industry disruptors to recognised innovators and market
leaders, our exceptional technology puts our customers in the driving seat and
ultimately in control of their payment ecosystems. Together, we deliver
ground-breaking and industry-leading products and services with uncontested
ease and proven time-to-market.
compassplustechnologies.com
