TymeBank offers a modern alternative to traditional banking brands and aims to make banking more accessible and affordable to all South Africans
TymeBank ,a leading digital bank in South Africa, looks to empower small and micro businesses to accept card payments, powered by Network International, the leading enabler of digital commerce across Africa and the Middle East.
Following their successful entry into the South African consumer banking market, TymeBank are now planning to build accessible and affordable payment solutions for the small and micro businesses market. A digital-only bank, TymeBank offers a modern alternative to traditional banking brands and aims to make banking more accessible and affordable to all South Africans having already recruited 2.2m consumers in the past two months.
Network International have already enabled TymeBank to become the first new card acquirer in South Africa for more than a decade and have now implemented a solution with both local processing and connectivity to international card schemes. Network will provide a full end-to-end acquiring solution to TymeBank, including the N-Genius™ payment and processing capability through the company’s integrated omni-channel technology platform, Network One. This will enable TymeBank to expand its offering to power digital payment acceptance among South African small and medium enterprises (SMEs).
Network International has been at the forefront of driving digital payments acceptance across Africa and the Middle East, offering end-to-end payment solutions to a growing customer base in over 50 countries.
Dieter Botha, Chief Technology & Operations Officer, TymeBank South Africa said: “TymeBank continues to enhance and expand its provision of affordable (low cost) banking and financial services to the South African market. The bank is always on the lookout for capable and forward-thinking service providers who are prepared to join us on our exciting journey. One such service provider is Network International who met and exceeded our criteria. Network provides platforms that are scalable, proven and cost-effective and bring the bank the ability to develop innovative product and service offerings. Network’s acquiring platform, for instance, supports all the many product features and new developments that the bank was looking for. We are therefore proud to announce that the engagement will be launching a differentiated, innovative, low-cost acquiring service to the South African SME marketplace”.
Andrew Key, Managing Director, Network International Africa, said, “Our engagement with digital banking pioneer, TymeBank not only broadens our foothold in South Africa, but also carries inherent synergies that will positively impact digital payment penetration in the country. TymeBank have challenged the traditional banking offering, through technology-driven innovation and we are delighted to support them as they look to increase payment acceptance among the SME sector. We anticipate broadening our relationship with TymeBank with an increased range of services over the coming months.”
TymeBank is South Africa’s first digital bank. It is owned by ARC Financial Services Holdings (Pty) Ltd, a company within Patrice Motsepe’s Ubuntu-Botho Investments stable. TymeBank has no branches and its core banking system is hosted securely in the Cloud. This reduces its overheads and delivers significant cost-savings that are passed on to its customers. Through a distribution partnership with Pick n Pay and Boxer, TymeBank has kiosks located at over 730 stores across the country.