Afrigather South African funds and knowledge API startup, Stitch, has introduced the launch of direct deposit or guide switch as a fee technique, permitting its prospects in South Africa to supply their clientele extra methods to pay by means of a single API.
In accordance with a press assertion, Sew’s direct deposit service will permit companies to skip previous the necessity to develop and keep direct integrations with particular person banks, obtain notifications for funds made by way of guide EFT, reconcile funds seamlessly alongside different Sew strategies, and revel in quicker settlement instances.
Commenting on the product launch, Sew CPO, Junaid Dadan, stated: “We wish to give customers extra selection in how they want to pay, whereas making certain a incredible expertise for them, and taking the headache out of funds acceptance and reconciliation for the service provider. With Direct Deposit, prospects can select to provoke a switch from their banking apps to a service provider account. The service provider can be notified immediately, and the transactions can be mechanically reconciled alongside different funds coming by means of Sew – no want for companies to develop and keep integrations with every financial institution individually.”
Some use instances of Sew’s new fee technique embody:
- Ecommerce: Fulfill orders quicker and extra seamlessly when accepting guide transfers.
- Funding options: Routinely set off account crediting or funding when a buyer’s fee clears by way of guide EFT.
- Digital wallets or accounts: Obtain on the spot notifications when a buyer funds their pockets from exterior the app.
- Lenders and insurers: Reconcile premiums and repayments from completely different fee strategies.
Sew emerged from stealth in February 2021, launching first in Cape City and Johannesburg earlier than increasing to Nigeria in October 2021. The startup raised $21 million in Collection A funding in February 2022.
