Pan-African digital payment and commerce solution company, Interswitch Group, today launched an array of innovative product offerings expected to boost the payment industry in Nigeria.
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 at the Oriental Hotel, Victoria Island, 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.
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 in-store, in-app and online.
In addition, 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.
5 solutions launched by Interswitch at maiden TechConnect event:
1. Interswitch Biometric Authentication Solution
Biometrics are no doubt the most suitable means of reliable and prompt identity verification and authentication leveraging unique biological characteristics.
Yes, we have told you about Interswitch Biometrics Solution before now, but there is need to stress that the Biometric Authentication solution incorporated the company’s expansive expertise in transaction switching and processing, maintaining transaction integrity and security, monitoring, dispute resolution, settlement, reporting, reconciliation and finality.
The solution applies for transaction monitoring, settlement benefits, dispute management, amongst other benefits.
