Grace Ashiru
Compass Plus Technologies, a global provider of electronics and retail banking payments software, and Interswitch, the leading digital commerce and integrated payments company in Africa, entered a strategic partnership. This partnership is intended to solidify Interswitch’s ability to process payment cards in Africa.
Interswitch will use Compass Plus’s award-winning,cloud-native, token-based, open development, API-first payments platform TranzAxis to process Mastercard, Visa, and Verve credit cards. TranzAxis was built with an emphasis on innovation as its driving force.
To meet the ever-evolving and rising needs of the African market, Interswitch has teamed up with a leading African payment processor, enabling it to expand its footprint across the continent. Six African banks have already signed on for the new Verve platform, which has resulted in an extensive partnership with Sterling Bank in Nigeria to offer the first Verve credit card in its country.
About the partnership with Compass Plus Technologies, the MD at Interswitch Akeem Lawal made this statement: “This agreement with Compass Plus Technologies, which coincides with our mission to making payments convenient and easy is exciting news for us to announce, and we are glad to do so” Moving our card processing over to TranzAxis will enable us to increase our service offerings while maintaining our focus on developing innovative solutions that maximize customer delivery.
In addition to this, he stated that “Interswitch will endeavour to take advantage of strategic alliances like this, and as such, we’ll be better positioned to have a greater influence on the continent.”
Adil Ahmed, VP and Deputy MD at Compass Plus Technologies, also said this. Interswitch is one of the largest payment processors on the continent, and we couldn’t be happier about our new partnership with them. They’ve always worked toward driving real change in Africa; They shall continue to revolutionize the payments sector in Africa given that they already have TranzAxis to back their aspirations, and they will further improve the Verve payments system.
It also enables operational procedures to separate systems set up in conformity with controls and rules required to grow and satisfy specific market requirements. This is done so that the system may meet the needs of a particular market.
An Interswitch technology hub in Nairobi, Kenya, has installed the new platform that will be able to execute transactions for Interswitch clients across Africa, with localized instances for each nation meticulously tuned to match clients’ demands.
