Interswitch Switching and Processing (Interswitch
S & P) is the first e-transactions company in Nigeria to perform in-country
switching and third party processing for all payment card brands on both the
domestic market such as Verve and international cards such as Visa, MasterCard,
Discover and UnionPay.
Interswitch Transnational’s Switching and Processing division (“Interswitch S & P”) completed a third party payment processing integration with Visa International to acquire the capability for both domestic and international payment transactions.
Interswitch S & P currently offers three shared market-facing services to financial institutions and retail businesses in the markets in which it operates:
(1) Pureplayswitch™ Service through which it offers interbank transaction switching;
(2) TransproTM Service that provides 3rd party issuer/acquirer processing for major card schemes; and
(3) RewardTM Service that delivers multi-channel loyalty to banks, merchants and their customers. This is in addition to standard back office services such as fraud management, dispute resolution, clearing and settlement as well as reporting and reconciliation.
It said the completion of the integration with Visa has been fuelled by the desire of banks to consolidate their entire card schemes on a single, trusted and reliable platform with a view to reducing their costs to better serve their customers, improving service quality as well as creating access to Interswitch’s QuicktellerTM value added services platform for bill presentment/payment, airtime top-up and real-time funds transfer.
Mr. Akeem Lawal, Managing Director, Interswitch Switching and Processing, said: “I am excited that with this integration agreement with Visa, we are the first processor to deliver the complete service that financial institutions have desired for some time – a robust, trusted and customer-centric platform that processes all cards. That we are kicking off our Visa processing service with contracts from four major banks with three others in advanced stages of discussion is a clear indication of how the market sees this achievement.”
Interswitch Transnational’s Switching and Processing division (“Interswitch S & P”) completed a third party payment processing integration with Visa International to acquire the capability for both domestic and international payment transactions.
Interswitch S & P currently offers three shared market-facing services to financial institutions and retail businesses in the markets in which it operates:
(1) Pureplayswitch™ Service through which it offers interbank transaction switching;
(2) TransproTM Service that provides 3rd party issuer/acquirer processing for major card schemes; and
(3) RewardTM Service that delivers multi-channel loyalty to banks, merchants and their customers. This is in addition to standard back office services such as fraud management, dispute resolution, clearing and settlement as well as reporting and reconciliation.
It said the completion of the integration with Visa has been fuelled by the desire of banks to consolidate their entire card schemes on a single, trusted and reliable platform with a view to reducing their costs to better serve their customers, improving service quality as well as creating access to Interswitch’s QuicktellerTM value added services platform for bill presentment/payment, airtime top-up and real-time funds transfer.
Mr. Akeem Lawal, Managing Director, Interswitch Switching and Processing, said: “I am excited that with this integration agreement with Visa, we are the first processor to deliver the complete service that financial institutions have desired for some time – a robust, trusted and customer-centric platform that processes all cards. That we are kicking off our Visa processing service with contracts from four major banks with three others in advanced stages of discussion is a clear indication of how the market sees this achievement.”
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