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Interswitch launches innovative products

Pan-African digital payment and commerce solution company, Interswitch Group, on Thursday, launched an array of innovative product offerings expected to boost the payment industry in Nigeria.

 

According to the company, the new products will simplify digital payments and provide more secure payment solutions to financial institutions, Small and Medium Scale Enterprises (SMEs), merchants and their customers.

 

The launch event, Interswitch TechConnect, was held in Lagos. The services unveiled include an enhanced Biometrics feature for Point of Sale (PoS) terminals & Automated Teller Machines (ATMs); Tokenization, and Card Fusion, with the services addressing digital payment fraud, problems with card issuance and portfolio management.

 

The statement said: “Interswitch, in collaboration with SterlingPRO, designed the Biometrics on Point of Sale (PoS) and Automated Teller Machines (ATMs) to protect customers against digital payment fraud and to avail them faster and more convenient ways to validate payments.

 

The solution utilizes physiological features unique to everyone such as fingerprints, voice, and facial features to verify payment transactions. “Tokenization on the other hand replaces sensitive data such as the 16-digit account information with a unique digital identifier known as a token.

 

Tokenization will enable merchants fast-track and collect payment seamlessly, enabling customers check out faster instore, in-app and online.” It also explained that Card Fusion is a web-based instant card issuance platform that enables banks to conclude new card production requests and issue cards within a very short time, thus enhancing their customers’ experience while customers get to personalize their cards instantly. Commenting on the new offerings, Akeem Lawal, the Managing Director, Payment Processing & Switching (Interswitch Purepay), stated that the company will continue to build cutting-edge solutions to enhance business development and provide seamless payment solutions to customers across the African continent. He noted that the three services were designed to address prevailing issues within the digital payment value chain.

He said: “Interswitch is redefining the payment landscape in Nigeria, therefore we are committed to enabling the payment ecosystem that will drive the growth of businesses for economic prosperity. We designed the Biometrics on POS & ATM to heighten customers’ protection from digital payment fraud.

 

Although this solution exists in silos where account holders can verify their identity within their financial institution’s ecosystem, the Interswitch Biometrics on POS & ATM service will enable different banks’ customers access their data and carry out payment transactions across various ATMs and PoS terminals.

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