How Interswitch enhances Banking

Interswitch have a variety of products that are incredibly useful for financial institutions and for financial management at other institutions. They are easily deployed, and can be used internationally, easing the process of taking company financial systems across Africa’s borders which remains a challenge for many growing and large institutions.

For banks, micro-finance institutions (MFI’s), fund managers, pensions, savings &credit societies (SACCO’s), and pension administrators, Interswitch enables them to analyze incoming payments, see which of the many bank accounts the money was paid into, what it was for, see account balance, and set us SMS notification. The managers can then initiate or have the system automatically pay them out such for funds transfers to top up other accounts, or to make statutory payments.

The Interswitch business reporting tools integrate with whatever accounting system a financial institution has and have an in-built loyalty system to enable the business development and sales staff at these small institutions to know who their main customers are, filter and see the trends of what the customers like, and see how their financial products are performing. The institution managers can get such key business reports, via their mobile phones or tablets, in real-time even if they are not in the office.

The Interswitch systems help to assess staff performance with a view to enhancing perks through an easy way to track commission-based transactions and also help with security as there is an audit trail for all transactions, to see who did what or approved others, on the system. Interswitch systems are also able to flag suspicious electronic and mobile transactions and these all help to stem the fraud that plagues many smaller institutions that have not invested in technology solutions.

Interswitch enables institutions to process ATM transaction for customers of over one hundred financial institutions, enhancing the value of their invested ATM infrastructure. The systems will even work when there’s no internet connection, and for the customers of these institutions, Interswitch  enables phones to act as ATM cards so that their customers can transact at ATM’s without having to carry a plastic bank card in their wallets.