The strategic partnership will see Interswitch utilize TranzAxis, a token-based, cloud-native, and API-first open development payments platform developed by Compass Plus Technologies for Verve, Visa, and Mastercard credit card processing.
This collaboration forms part of Interswitch’s response to the demand by the African market and will increase its presence across the continent as the gateway to Africa’s payment ecosystem. Currently, six banks across Africa have been onboarded the new platform, resulting in a collaboration with Sterling Bank of Nigeria to launch a Verve credit card in the country.
Interswitch’s officials announced that this partnership with Compass Plus Technologies aligns with their commitment to augmenting the payments experience. Migrating their card processes to the TranzAxis platform will allow them to further improve their service offerings.
By utilizing TranzAxis, Interswitch can rely on its API capabilities for seamless integration, which accelerates time-to-market. It also provides operational workflows to segregate systems set up in compliance with rules and controls required to scale and meet unique market requirements.