Africa’s integrated payments and digital commerce company, Interswitch, and international innovative retail banking and electronic payments solutions provider, Compass Technologies have teamed up to boost Interswitch’s payment card processing capacity in Africa.
As part of the partnership, Interswitch will leverage TranzAxis, a cloud-based, and service-oriented architecture developed by Compass Plus with innovation at its core, for Verve, Visa, and Mastercard credit card processing.
The African market is evolving and its demand is constantly expanding. The partnership is Interswitch’s response to this. The collaboration will also step up the payment company’s presence across the continent as it continues to deliver on its promise as the gateway to Africa’s payment ecosystem.
For now, 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 API extensibility feature for seamless integration, which significantly accelerates time to market. The omni channel platform is flexible with simplified operational workflows in compliance with rules and controls required to scale and meet unique market requirements.
As part of its drive to improve its services and contributing to the technology space in Africa, Interswitch which secured $110 million in investment from LeapFrog Investments and Tana Africa Capital, has forged several partnerships in recent times. The company in September 2021 partnered with Codebase Technologies to speed up the transformation of digital banking across Africa. In October 2021, the company also teamed up with the smart addressing startup, OkHI, to allow Quickteller to use the OkHi address verification service. In 2022, it partnered with Interstellar Inc. to develop blockchain-powered infrastructure services and solutions.
Furthermore, as part of its contributions to enhancing the tech space in Africa, the company also collaborated with Cisco Networking Academy to donate IT equipment to students in ten tertiary institutions across Nigeria.
