Fintech Finance talked to Martin Grunewald, Chief Business Officer, BankservAfrica about innovations in payments who strongly recommends his peers in the industry to engage with the Intix team.
Here are Martin Grunewald's key messages:
- We are becoming an instant society and this is applicable in payments too
- Making payments faster and payment processing more secure are the key priorities for the market; compliance has become onerous but solutions are getting smarter and more cost efficient
- Our Intix story started some 5 years ago; inside BankservAfrica, Intix helps us monitor the movement of transactions and payment files between us and the banks. Also as part of our Swift service bureau, we created awesome dashboards for our clients and this helps enhance visibility for our clients - we are very proud of our enhanced service bureau as multiple banks benefit from Intix too
- I recommend my peers in the industry to use Intix for increasing visibility on transactions and on the processing status of transactions
- Discussing use cases with the Intix team is beneficial. This is what we did starting at SWIFT's African Regional Conference (ARC) in 2016 and this is where the partnership developed
- We will further expand the use of Intix - for instance, instant access to the end-to-end transaction processing status is key as well as integrity surveillance
- We want to extend this enhanced visibility to our clients via tablets - the more visibility we can offer our clients, the better
- Being able to see into your systems and monitor transaction flows is very important - both from security point of view and for business intelligence. Clients succeed to better understand their own activities; using that information correctly is powerful
- Payments in Africa is a challenge because of lack of infrastructure - the real-time nature of the rest of the world has not gone unnoticed in Africa and we have our own success stories as well such as M-Pesa; the next stage of development is to make payments eco-systems interoperable but we first need to solve some infrastructure limitations for this to happen
- Cross-border remittances need to become more cost efficient for end-users, and this is a key priority for BankservAfrica as Africa has a very migrant workforce.
Discover the full interview below.