• Latest
  • Trending
Customers can now make direct deposit payments on Stitch

Customers can now make direct deposit payments on Stitch

November 28, 2022
MSport 2025

MSport 2025: Nigeria’s #1 Sports Betting Site, Powered by Chelsea & BVB

September 25, 2025
MNT-Halan introduces Egypt’s first secure lending solution via Halan App

MNT-Halan introduces Egypt’s first secure lending solution via Halan App

September 25, 2025
Visa, intella partner to boost MENA’s financial institutions with Arabic conversational AI

Visa, intella partner to boost MENA’s financial institutions with Arabic conversational AI

September 25, 2025
Airtel Africa invests in education with 100 scholarships and new tech hubs

Airtel Africa invests in education with 100 scholarships and new tech hubs

September 25, 2025
SINOTRUK enters Libya with Aseel Auto as exclusive distributor in Benghazi

SINOTRUK enters Libya with Aseel Auto as exclusive distributor in Benghazi

September 25, 2025
Tango Brook launches digital card for fuel management

Tango Brook launches digital card for fuel management

September 25, 2025
AI in Nigeria announces 3rd edition of InnovationAI

AI in Nigeria announces 3rd edition of InnovationAI

September 25, 2025
Interswitch Unveils Quickteller Travel to Transform African Travel Experience

Interswitch Unveils Quickteller Travel to Transform African Travel Experience

September 25, 2025
Alibaba, Nvidia collaborate to expedite humanoid robot development

Alibaba, Nvidia collaborate to expedite humanoid robot development

September 25, 2025
OpenAI expands $500 Stargate AI initiative in partnership with Oracle and SoftBank

OpenAI expands $500 Stargate AI initiative in partnership with Oracle and SoftBank

September 25, 2025
Your one-stop tech hub! Get the latest updates on AI, cybersecurity, fintech, and emerging technologies.
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Tech TV
    • General News
    • How To
    • Reviews
  • Cryptocurrency
  • Fintech
  • Startups
  • Ai
No Result
View All Result
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Tech TV
    • General News
    • How To
    • Reviews
  • Cryptocurrency
  • Fintech
  • Startups
  • Ai
No Result
View All Result
Techpression
No Result
View All Result
Home Tech News Africa Tech News

Customers can now make direct deposit payments on Stitch

Felicia Akindurodoye by Felicia Akindurodoye
November 28, 2022
149 2
0
Customers can now make direct deposit payments on Stitch
468
SHARES
Share on FacebookShare on TwitterWhatsAppTelegram

Stitch, a payments and data API business based in South Africa has announced the addition of direct deposit or manual transfer as a payment option. This will enable Stitch’s clients in South Africa to give their customers a greater number of different methods to pay using a single API.

According to a press statement, Stitch’s direct deposit service will enable businesses to bypass the need to create and maintain specific integrations with individual banks, receive updates for payments made via manual EFT, reconcile payments flawlessly alongside other Stitch methods, and enjoy faster settlement times. 

In addition, businesses will be able to save time by avoiding the need to create and maintain direct integrations with individual banks.

Stitch’s Chief Product Officer, Junaid Dadan, had this to say in response to the launch of the product:

RelatedPosts

MNT-Halan introduces Egypt’s first secure lending solution via Halan App

LemFi joins IAMTN’s global network to promote inclusive cross-border payments

Raya IT secures EGP 1.13bn from IDB to strengthen Egypt’s banking cybersecurity, fintech

“We want to give consumers more choice in how they wish to pay, while ensuring a fantastic experience for them, and taking the headache out of payments acceptance and reconciliation for the merchant. With Direct Deposit, customers can choose to initiate a transfer from their banking apps to a merchant account. The merchant will be notified instantly, and the transactions will be automatically reconciled alongside other payments coming through Stitch – no need for businesses to develop and maintain integrations with each bank individually.”

Read also: Stitch Raises US$21Million in Funding For Its Financial Services

The Introduction of Stitch in 2021

Open banking is a concept that was the driving force behind the conception of Stitch. The company was founded on the premise that opening up access to bank data would hasten the rate of innovation all over the continent. 

“We were under the impression that the introduction of ground-breaking new financial products would follow shortly after giving companies the ability to simply build on top of banking data.”

So far, we’ve been spot on. Since we came out of stealth mode in February of this year, we have been absolutely blown away by the inventiveness of the companies that we collaborate with. 

This includes everything from apps that support novel ways to save money to brick-and-mortar vendors who have found ways to offer loans to their customers. We have had the opportunity to observe how the potential of open banking data has enabled hundreds of firms to access previously inaccessible product opportunities.

However, we quickly came to the conclusion that merely providing our consumers with access to data was not sufficient to fulfil all of their requirements. Stitch Payments, our newest product line, will be available for purchase today, and we couldn’t be more excited to share this news with you.

Access to open banking data and an enhanced experience using pay by the bank are only two examples.

Early on, it became abundantly evident to us that, in addition to the obstacles of accessing user data, businesses battled to find inexpensive methods of accepting payments on their platforms, ideally with an increased number of and improvements upon the customer’s available options. 

Zapper Collaborates With Stitch To Allow Customers To Make Instant Payments

More Importance of the Role of Stitch

Card payments, for example, are not especially widespread throughout the continent; furthermore, in certain areas, such as South Africa, there are substantial costs associated with card transactions. According to an article that was published earlier this month in Quartz, bank transfers make up a sizeable share of the payment choices available in large markets such as South Africa and Nigeria.

Further difficulties were provided by several other possibilities for bank payments. In contrast to card technology, the Electronic Funds Transfer (EFT) system, which is a robust interbank transfer rail, permits direct account-to-account payments at a cost that is a fraction of what it would be otherwise. 

However, manual EFTs have a higher risk of user error, which can result in a higher rate of drop-off as well as potential fraud. When it comes to UI, UX, and security, many of the InstantEFT companies that have entered the market in the past few years face challenges to broad adoption. 

These barriers include contradictory branding, multiple unneeded screens, and excessive load times.

We set out to find a solution to this problem by utilising the infrastructure that we had built for open banking data in order to assist businesses in moving money more quickly, securely, and at lower fees – all while providing a better user experience that had the potential to increase conversion rates and decrease drop-off rates.

Tags: FintechStitch
Felicia Akindurodoye

Felicia Akindurodoye

Felicia Akindurodoye is an experienced writer and researcher, whose watchword is originality.

No Result
View All Result

Quick Links

  • Tech News
  • Cryptocurrency
  • Fintech
  • Startups
  • Business

Follow Us:

  • facebook
  • instagram
  • Twitter(X)
  • Linkedin
  • YouTube
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2025 Techpression.com -Techpression Media Limited

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in .

No Result
View All Result
  • Home
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Reviews
    • How To
    • General News
  • Cryptocurrency
  • Business
  • Fintech
  • Startups
  • Featured
  • Ai
  • Tech TV

© 2025 Techpression.com -Techpression Media Limited

techpression.com
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

3rd Party Cookies

This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages.

Keeping this cookie enabled helps us to improve our website.