South African banks are increasingly opting for partnerships with home-grown technology providers rather than acquiring expensive imported solutions, says iVeri CE Barry Coetzee.
Software developer iVeri, founded five years ago, is now part of the Proudly South African campaign. The company operates in the online payment processes and merchant payment technology areas.
Proudly South African is an initiative of the National Economic Development and Labour Council aimed at promoting South African companies, products and services.
Coetzee says the Internet payment technology arena is often misunderstood, given that rules and regulations governing the industry are constantly changing and being updated.
However, Internet payments constitute the fastest-growing element of the electronic payments industry. Coetzee says the fastest-growing trend is the expansion of Internet payment technology into the physical world, with the Internet becoming the invisible network behind payments, whether these happen in a store, call centre, or on the Internet itself.
Coetzee says Nedbank has seen its share of the online payment technology field in SA soar to about 48% since it began using iVeri.
"The fact that three out of four of the leading South African banks have turned to local solutions further demonstrates the capability of local technology innovators."
While Nedbank is the exclusive distributor of iVeri products in SA, iVeri is also in talks with banks in Kenya, Namibia and Botswana for the deployment of software solutions in those markets.
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