The South African Reserve Bank (SARB) has approved Paycorp, a leading supplier of payment solutions, to join the direct clearing system.
Through its major memberships with Visa and MasterCard, Paycorp is now authorized to process payments both domestically and internationally via the National Payments System through BankServAfrica.
In South Africa’s payment ecosystem, Paycorp functions as an independent non-bank organization, and it provides interoperable solutions to ATM/point-of-sale (POS) networks, card issuers, acquirers, and fintech partners.
Paycorp’s chief information officer, Gavin Reubenson, stresses that the company’s achievement is due in large part to its commitment to strategic partnerships and a relentless pursuit of technological advancement. According to Reubenson, “Paycorp facilitates quick and safe financial transactions. As an innovative financial technology company, we always strive to improve our services in this regard.
Paycorp has been dedicated to expanding access to financial services for almost 20 years, during which time the company has owned and managed companies in the ATM, acquiring, issuing, and value-added services payment sectors both domestically and abroad.
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Seamlessly integrates with numerous partners
The Cash Express ATM network, which is the largest independent ATM network in South Africa, has strategically positioned its ATMs in close proximity to residential, commercial, and retail areas through collaborative efforts with banks and retailers.
Paycorp and its subsidiaries provide a diverse range of payment services that encompass transaction processing for ATMs (automated teller and point-of-sale (POS) terminals. Additionally, they offer comprehensive management solutions for ATM networks and provide ATMs as a Service (AaaS) in multiple countries.
Paycorp’s highly secure processing platform exhibits a remarkable ability to seamlessly integrate with a multitude of partners, encompassing traditional payment channels of Visa, MasterCard, and BankservAfrica. Furthermore, it extends its compatibility to include cardless cash-out transactions from mobile wallets, thereby showcasing its versatility and adaptability in the ever-evolving landscape of financial transactions.
Reubenson places significant emphasis on the continuous improvement of its transaction processing environment, with the primary objective of enhancing customer experiences, expanding the range of value-added services, and effectively bridging the gap between digital and physical transactions.
Wayne Abramson, the Chief Executive Officer of ATM Solutions at Paycorp, emphasises that this distinguished designation functions to fortify their unwavering dedication to fostering financial inclusivity. Moreover, it firmly establishes Paycorp as a steadfast and trustworthy strategic partner for enterprises in pursuit of secure and dependable payment solutions.
What to know about Paycorp
Paycorp is a service provider that operates a number of different payment solutions, including ATMs, card issuing, and acceptance technology.
South African Steven Kark launched the firm in 1999, and by March of 2000, the company had installed its first automated teller machine. Steven has always been motivated by an entrepreneurial mindset and a continuous culture of innovation in his approach to providing payment solutions. Paycorp places a high strategic value on facilitating financial inclusion and is committed to expanding access to banking services for the unbanked.
Paycorp prides itself on its corporate governance. The organization was an early adopter of the PCI compliance security standard for handling customer credit card and debit card information and one of the first local financial services providers to use it.
The firm has long-term relationships with several banks and card networks across its global footprint. Paycorp also enjoys representation and collaborative engagement with all regulatory bodies.
With over 5,000 ATMs, 22,000 terminals, and 500+ card programs installed, Paycorp has become a global payments processing company with a strong presence in 16 countries spanning sub-Saharan Africa and SouthEast Asia and a fledgling business in Eastern Europe.