Stitch Continues it Financial Service Acceleration with Launch of PayOS
Stitch, a payments infrastructure firm based in South Africa, has increased the scope of its services to offer end-to-end payment services (PSP). A system for orchestrating and reconciling payments called PayOS as well as card and debit order pay-ins were all introduced before this breakthrough.
With flexibility and customizability, Stitch’s payment suite is made for companies with sophisticated payment requirements. In order to become a full-service PSP, the company introduced its first pay-in option, Instant EFT, in late 2021. Direct deposit and CashPay were subsequently added.
According to Junaid Dadan, president of Stitch, the company’s growth was prompted by requests from current customers to assist with more of their payment needs. Using a single API integration, users of Stitch can receive payments via quick EFT, debit and credit card, direct deposit, debit order, and cash. Through the use of the PayOS, payments can be tracked, managed, and reconciled across many providers, regions, and payment methods, and Payouts makes it simple to distribute money.
According to Dadan, the startup was incredibly happy to fully serve its clients and satisfy more of their payment demands.
“We operate as a client-first business and have found that clients see us as a thought partner in the way they run their payment environments. Over time, they’ve started asking us to support them with more solutions. This progression is in response to that demand and an effort to fill gaps we see in the market across the payments stack.”
“PayOS is the first solution of its kind in the market,” he said. “It was created to give clients even more freedom in terms of how they manage their payments. PayOS enables clients to integrate directly into multiple PSPs and manage payments across methods and providers, with the flexibility to maintain existing commercial agreements.
By letting users keep their current contracts and enabling direct integrations with banks and providers, PayOS is a SaaS solution made to assist clients handle complex payments more effectively. Also, PayOS operates globally.
With Stitch’s scalable, trustworthy debit and credit card solution, clients may control their own network tokens, lowering the chance of unsuccessful transactions. Customers’ expired or lost cards are also immediately updated, and a digital chargeback mechanism is provided. Moreover, Stitch’s debit order solution enables customers to take debit orders or Debicheck payments with improved user interfaces, improved collections, smarter routing, and decreased fraud thanks to integrated account holder verification.
“These direct integrations allow us to aggregate and standardize data from across providers into a single source of truth that can improve the efficiency of finance and payments teams. Importantly, PayOS also works across geographies.”
Sipho Tshabalala, product manager for online platforms at MTN, stated that he felt a wonderful level of ease when working with the Stitch team, knowing they fully embrace his company’s vision and passion with checkout experiences across numerous channels.
Stitch Payouts enables customers to begin payments in real-time through APIs, with Stitch-managed float and decreased fraud, ensuring that payouts are settled into clients’ verified accounts and reducing failed payments and fraud. While new Stitch customers may quickly consolidate all payment methods via a single integration and manage them through PayOS, existing Stitch clients need very little development effort to enable these new solutions.
Man on a Mission
Stitch’s goal has always been to streamline the development and scaling of new finance products for African businesses. By offering APIs, the startup hopes to significantly lessen the difficulties associated with developing across African geographies. Now, Stitch is the preferred API partner for some of Africa’s top fintech companies, including Paystack, Chipper Cash, Zapper, Yoco, and FlexClub. The API of Stitch is also used by traditional insurance players like Sanlam.
Stitch provides a single API that makes it simple for developers creating digital financial solutions to add functionalities that are typically challenging to build, such as accessing user financial data and enabling a seamless and instant payment experience. This allows developers and fintechs to concentrate on creating fantastic user experiences.
With the help of Stitch’s API, developers can quickly link their applications or platforms to users’ bank accounts, enabling users to share their transaction histories and account balances, verify their identities, and make payment requests.
Stitch has entered its first market outside of South Africa, its launch and original market, with the goal of granting complete API access to financial accounts across Africa. The startup’s ambition to completely digitize Africa’s financial system is justified by Stitch’s most recent financial offering. Future-oriented fintech startups are being built and scaled by Kiaan Pillay, Priyen Pillay, and Natalie Cuthbert’s Stitch.