By Chinenye Anuforo
Observe market trends and the growing need to improve customer experience and security in the electronic payments ecosystem, Africa’s leading integrated payments and digital commerce company, Interswitch, is set to welcome industry leaders. digital payments ecosystem industry at its Techconnect 2.0 event, where conversations will focus on issues 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 digital service processes for consumers during the 2-day event to be held on September 21-22, 2022 in Lagos.
This launch follows months of preparation – developing and iterating on solutions that meet varied needs in the digital payments space. These services and solutions leverage the existing payment architecture to provide competitive service delivery to businesses in the digital space.
Among the range of solution launches is Payment as a Service (PaaS), which helps reduce investment costs for financial institutions, by providing a robust product offering through cloud-based platforms to enrich experiences. customer payment, with security at all times. its core. The payment-as-a-service solution will allow banks and payment ecosystem players to focus on specialized services, leaving Interswitch to handle back-end payment processes.
In addition, Interswitch Security-as-a-solution (ISaaS) is to be deployed, which has payment security as its primary focus, providing financial institutions with tailored electronic security solutions that protect against the increasing levels of electronic fraud that prevail 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 ingenious solution that the tech giant is going to roll out for the Nigerian banking community is Banking-as-a-service (BaaS). The solution includes a suite of technologies that facilitate banking services such as branch banking, internet banking, API protocols, mobile banking, among other advanced banking services. With BaaS, financial institutions will seamlessly provide a host of other services such as bill payment, card issuance, collection, disbursement, and credit administration facilitation.
Additionally, Nigerian banks can further leverage Interswitch’s robust infrastructure to issue cards that meet all the basic requirements of a standard processing system with Fintech Card Issuance. This solution also increases the revenue base of financial institutions while improving customer loyalty.
The MFS Mobile Banking Jumbo app is suitable for another segment of the banking community, as it aims to enable medium and small microfinance banks to further expand their services by offering digital financial products.
To consolidate its efforts to strengthen the security of customers who transact digitally, Interswitch is adding biometrics on point-of-sale (PoS) terminals and tokenization to its bouquet of digital security offerings.
For Biometrics over PoS, customers enjoy more personalized and seamless services when transacting at point-of-sale (PoS) terminals and automated teller machines (ATMs). While tokenization, on the other hand, secures funds and sensitive customer data when making digital payments by replacing their Primary Account Number (PAN) with unique identifiers, to ward off cyber fraudsters.
These solutions reaffirm the company’s continued commitment to improving the digital payments landscape in Nigeria through innovation and the development of best-in-class solutions and infrastructure that meet the pressing needs of the payments ecosystem.
Interswitch Techconnect remains an avenue through which the technology company brings together stakeholders in Nigeria’s technology and payments space to deliberate on topical issues within the ecosystem to collaboratively design ways that will better serve end users and stimulate the ecosystem.