TymeBank has teamed up with Network International to empower small and medium enterprises to accept card payments.
successful entry into the South African consumer banking market, the financial institution is now planning to build accessible and affordable payment solutions for the SME market.
Since TymeBank’s successful entry into the South African consumer banking market, they are now planning to build accessible and affordable payment solutions for the small and micro businesses market.
A digital-only bank, TymeBank offers a modern alternative to traditional banking brands and aims to make banking more accessible and affordable to all South Africans having already recruited 2.2m consumers in the past two months.
Dieter Botha, Chief Technology & Operations Officer, TymeBank South Africa said:
“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 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 that the engagement will be launching a differentiated, innovative, low-cost acquiring service to the South African SME marketplace”.
Andrew Key, Managing Director, Network International Africa, said,
“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 have 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.”
Network International have already enabled TymeBank to become the first new card acquirer in South Africa for more than a decade and have now implemented a solution with both local processing and connectivity to international card schemes.
Network will provide a full 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 will enable TymeBank to expand its offering to power digital payment acceptance among South African SMEs.
