A leading reason why over 54% of adults in developing world economies have no bank account, according to the World Bank, is because of the lack of interoperability solutions facilitating transactions across disparate money systems.
“In simple terms, you cannot grow your wealth without a bank account and the biggest obstacle to more bank accounts is banking systems’ inability to talk to each other. Fortunately, TrustPay solves the interoperability quandary that has dogged emerging market financial systems until now,” says Sean D. Conde, spokesperson for TrustPay.
Financial inclusion by bringing more emerging market citizens into the formal banking system is a major human developmental goal and one that has been the driving force behind TrustPay since the payment enabler’s commercial launch in 2012.
Africa, for example, is beset with a plethora of formal and informal transaction instruments used by its one billion consumers. Currently, the majority of these are ring-fenced, territory-dependent and essentially islands in their own financial sea. Users are locked into their transaction providers and therefore at a huge disadvange as consumers ideally wanting to freely-transact for goods and services across markets.
“TrustPay elegantly solves the issue of interoperability between informal and formal money systems. We are today, across the African continent and elsewhere, very similar in function to the Saswitch system initiated by SA banks decades ago,” explains Mr Conde.
The company is the first secure payments enabler to use the Software-as-a-Service (Saas) model to facilitate financial transactions across emerging markets, boosting the interoperability objective.
TrustPay™ PLUS is a true low-cost, plug-and-play solution that vastly simplifies back-end integration between payment providers and payment sources. On-demand transactions between emerging market online merchants and established credit card companies like Visa and MasterCard, as well as emerging market payment providers processing the lion’s share of transactions, are now seamlessly assured.
In conclusion, TrustPay’s cloud-based SaaS solution, unparalleled emerging markets access and collaboration with established payment sources helps merchants across diverse consumer categories focus on their core business of making sales while TrustPay makes payments.