Standard Bank’s global digital payments app, Shyft, has partnered with payments infrastructure company, Stitch, to enable instant top-ups on the Shyft wallet for customers from any bank in SA.
This is in response to a growing demand from Shyft customers for more immediate access to their funds, the bank says.
Standard Bank adds it noticed a considerable upward swing in global transactions and an increase in demands from customers for quicker access to funds.
This meant the bank was in the market for a partnership to help it modernise its payment stack and bring instant payments to the Shyft stack.
“The choice of strategic partner depended on a reliable payments platform that could deliver speed, convenience, security and control for our customers,” says Dani Morley, executive head of growth at Shyft. “Partnering with Stitch has enabled us to fulfil our clients' expectations with unprecedented speed. Since customers from any bank can already onboard successfully onto Shyft, this collaboration allows us to continue providing exceptional service and pricing to clients from any banking institution by facilitating the funding of Shyft wallets from any bank card.”
The Shyft team required Stitch to leverage its card payments platform for instant top-ups on Shyft.
The companies say that previously, customers had to wait two to three days for funds to appear in their wallet via manual transfer.
Lusanda Dlamini, head of card and payments at Shyft, says: “There are many ways to access the global financial economy, but it starts with apps like Shyft, and partnerships like the one with Stitch to deliver payment services the way our customers want it.”
“We’re excited to work with Standard Bank to bring this innovation to market and introduce an even better customer experience on the Shyft app,” says Kiaan Pillay, CEO and co-founder at Stitch. “Shyft customers rely on them for money movement that often requires just-in-time access. They needed a payments partner that can deliver on the speed and reliability their customers expect. With instant top-ups via bank card through Stitch, now Shyft customers from any bank can invest, exchange funds, send money to friends and family and much more – in real-time.”
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