Digital bank TymeBank has announced a co-operation agreement with United Arab Emirates-based payments solutions firm Network International, which will empower small and micro businesses to accept card payments.
With the deal, TymeBank plans to build accessible and affordable payment solutions for the small and micro businesses market.
Network International, which has been driving digital payments acceptance across Africa and the Middle East, says the deal enabled TymeBank to become the first new card acquirer in SA for more than a decade, and has now implemented the solution with both local processing and connectivity to international card schemes.
Network will also provide an end-to-end acquiring solution to TymeBank, including the N-Genius payment and processing capability through the company’s integrated omni-channel technology platform, Network One.
This, it says, will enable TymeBank to expand its offering to power digital payment acceptance among SA’s small and medium enterprises.
Dieter Botha, chief technology and operations officer at TymeBank SA, says: “TymeBank continues to enhance and expand its provision of affordable (low-cost) banking and financial services to the South African market. The bank is always on the lookout for capable and forward-thinking service providers who are prepared to join us on our exciting journey.
“One such service provider is Network International, who met and exceeded our criteria. Network International provides platforms that are scalable, proven and cost-effective, and bring the bank the ability to develop innovative product and service offerings.
“Network’s acquiring platform, for instance, supports all the many product features and new developments that the bank was looking for. We are therefore proud to announce the engagement will be launching a differentiated, innovative, low-cost acquiring service to the South African SME marketplace.”
Andrew Key, MD of Network International Africa, says: “Our engagement with digital banking pioneer TymeBank not only broadens our foothold in South Africa, but also carries inherent synergies that will positively impact digital payment penetration in the country.
“TymeBank challenged the traditional banking offering, through technology-driven innovation, and we are delighted to support them as they look to increase payment acceptance among the SME sector. We anticipate broadening our relationship with TymeBank with an increased range of services over the coming months.”
TymeBank has seen a rapid rise in customers since its official launch last year and now counts two million citizens as its clients.
Approximately 900 000 are active accounts and the bank has also set its sights on more value-added services.
TymeBank is now signing up between 3 000 and 3 500 customers per day, with about half of the customers actively using their bank accounts.
In July, the bank revealed it had launched a fast mode of transaction, SendMoney, which allows users to send and receive money through their electronic gadgets.
TymeBank clients can now send cash to anyone with a valid South African cellphone number and the recipient will receive it immediately.
The service costs R4 per transaction when the recipient opts to cash the money out using the voucher, which the digital bank claims is one of the lowest rates in the industry, and is free when the recipient has a TymeBank account.
Share