Six months after Network International announced a R500 million investment in its locally hosted, integrated payment platform, the company confirms it has already achieved significant milestones.
These include the successful deployment of its Network One technology stack with two blue-chip clients onboarded, a doubling of its local staff, and a digitised suite of Issuing and Acquiring solutions.
“By deploying our state-of-the-art payments platform in SA, Network is able to deliver rapid local access for banks, fintechs, MNOs and other businesses to run API integrations to their core platforms, as well as the ability to easily integrate with third party partners.
“These integrations significantly increase the range of services clients can offer, including a Card Management System to issue cards, as well as acquirer processing that enables a broad range of merchant services, whether delivered online or in-store”, says Nandan Mer – Group CEO of Network International.
“Having our own technology stack that is built, hosted and maintained locally has quickly delivered tangible benefits for our clients who want to quickly and easily launch new products,” says Carlo Ricci, Co-Regional Managing Director at Network International South Africa.
The investment is already demonstrating its enormous potential with Vodacom Financial Services and Access Bank SA currently undergoing onboarding on the Network One platform in South Africa.
A representative from Network International South Africa, shared that Network International has partnered with Vodacom to enable virtual cards and merchant acquirer processing services in South Africa for its VodaPay service.
Localised Digital Payment Solutions Offer More Than Just Compliance Benefits
Digital payments are growing at an exponential rate and McKinsey predicts Africa’s electronic payments market will grow by 152% from 2020 to 2025. Ricci says South African businesses are looking to tap into the growth opportunity, but are also looking for a local partner who can optimise their investment efforts.
While just over half of SA still trades in cash, innovative and affordable local digital solutions will accelerate the move to digital. But for this to be successful, locally relevant payment offerings and experience are required.
An on-soil offering is far more than just a compliance checkbox. More compelling are the upside benefits of getting localisation right. This could be anything from optimised customer experience across channels, to enabling rapid innovation by using larger and more diverse data sets.
The robust and agile local Network One platform is currently processing upwards of 3,000 transactions per second and the locally-based team is able to deliver change support 50% faster than any previous remote support. As part of its move to support its South African growth trajectory, Network is investing heavily in local skills.