Interswitch can now perform in-country switching and third party processing for all card brands, making it the first to be able to do in Nigeria.
In a statement, the Pan-African integrated transaction and payment processing company said it now supports “in-country switching and third party processing for all card brands, including Verve (the domestic scheme) and international cards such as Discover, Visa, MasterCard, and UnionPay”.
Akeem Lawal, managing director of Interswitch Switching and Processing, said with the integration, the company can now deliver the much elusive complete solutions that financial institutions in Nigeria had long desired.
“I am excited that with this integration agreement with Visa we are the first processor to deliver the complete service that financial institutions have desired for some time – a robust, trusted and customer-centric platform that processes all cards,” Lawal said.
“That we are kicking off our Visa processing service with contracts from four major banks with three others in advanced stages of discussion is a clear indication of how the market sees this achievement.”
Interswitch also offers standard backoffice services such as fraud management, dispute resolution, clearing and settlement as well as reporting and reconciliation.