Africa’s money systems enabled to connect

August 14, 2018 9:38 am0 commentsViews: 33

money systemsby AKANI CHAUKE
JOHANNESBURG – EFFORTS to ensure interoperability between money systems in the continent have received a major boost from a leading commerce payment and plug-in solutions firm.

TrustPay is the first secure payments enabler to use the Software-as-a-Service (Saas) model to facilitate financial transactions across emerging markets, boosting the interoperability objective.

“TrustPay elegantly solves the issue of interoperability between informal and formal money systems,” Sean Conde, TrustPay spokesperson, said.

“We are today, across the African continent and elsewhere, very similar in function to the Saswitch system initiated by South African banks decades ago.”

TrustPay PLUS is a low-cost, plug-and-play solution that vastly simplifies back-end integration between payment providers and payment sources.

On-demand transactions between emerging market online merchants and established credit card companies like Visa and MasterCard, as well as emerging market payment providers processing the lion’s share of transactions, are now seamlessly assured.

According to the World Bank, a leading reason why over 54 percent of adults in developing world economies have no bank account is because of the lack of interoperability solutions facilitating transactions across disparate money systems.

The biggest obstacle to more bank accounts is banking systems’ inability to talk to each other, Conde said.

“Fortunately, TrustPay solves the interoperability quandary that has dogged emerging market financial systems until now.”
– CAJ News

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