Observing current market trends and the increasing need to improve customer experience and safety in the e-payments ecosystem, Africa’s leading integrated payments and digital commerce company, Interswitch is set to host industry leaders in the digital payment ecosystem at its Techconnect 2.0 event where conversations will focus on matters that will drive the growth of digital payments in Nigeria. The event will also see the tech giant launch six cutting-edge solutions and services that will facilitate the processes of consumer-facing digital services at the 2-day event slated to hold on September 21 and 22, 2022 in Lagos.
This launch follows months of preparations – developing and iterating solutions that address varying needs in the digital payments space. These services and solutions build on existing payment architecture to provide competitive service delivery to businesses in the digital space. Among the solutions launch line-up is Payment-as-a-Service (PaaS), which helps to cut down investment costs for financial institutions, providing a robust product offering through cloud-based platforms to enrich payment experiences of customers, with safety at its core. The Payment as a Service solution will enable banks and players in the payments ecosystem to focus on specialized services, leaving Interswitch to handle the back-end payment processes.
Also, due to be rolled out is Interswitch Security-as-a-solution (ISaaS) which has payment security as its major focus, offering financial institutions bespoke e-security solutions that hedge against the rising e-fraud levels prevailing in the payment ecosystem. Interswitch Security-as-a-Solution protects customers against card fraud, application fraud, payment fraud, merchant acquiring fraud, money laundering, among others. Another resourceful solution the technology giant will be rolling out for the Nigerian banking community is Banking-as-a-service (BaaS). The solution comprises a suite of technologies that facilitate banking services such as agency banking, internet banking, API protocols, mobile banking, among other cutting-edge banking services. With BaaS, financial institutions will seamlessly provide a host of other services such as bill payments, card issuance, collection, disbursement, and credit admin facilitation.
In addition, Nigerian banks can further leverage Interswitch’s robust infrastructure to issue cards that meet all the basic requirements of a standard processing system with the Fintech Card Issuance. This solution also boosts the revenue base of financial institutions while improving customer loyalty. MFS Mobile Banking Jumbo App is tailored to another segment of the banking community, as it is geared towards enabling medium and small-sized microfinance banks to further expand their services by offering digital financial products. To consolidate its efforts in boosting the security of customers that conduct their transactions digitally, Interswitch adds the Biometrics on Point-of-Sale terminals (PoS) and Tokenization to its bouquet of digital security offerings.
For Biometrics on PoS, customers are provided with more personalized and seamless services when they perform transactions on Point of Sale (PoS) terminals and Automated Teller Machines (ATMs). While Tokenization, on the other hand, secures the funds and sensitive data of customers when they make payments digitally by replacing their primary account number (PAN) with unique identifiers, to keep cyberfraudsters away.
These solutions reaffirm the company’s continued drive to improving Nigeria’s digital payments landscape through innovation and the development of first-rate solutions and infrastructure that address pressing needs in the payments ecosystem. Interswitch Techconnect remains an avenue through which the tech company convenes stakeholders in Nigeria’s technology and payments space to deliberate on topical issues within the ecosystem to collaboratively devise ways that will better serve end users and boost the ecosystem.