South Africa-based payments infrastructure company, Stitch, has announced its expansion to become an end-to-end Payments Service Provider (PSP).
The firm will be defined as a third party that enables businesses to accept, manage and send digital payments through a variety of methods.
This comes off the back of new solutions including pay-ins via card and debit order, and payments orchestration and reconciliation system, PayOS.
The Stitch payments suite is designed specifically for businesses with complex payments needs, offering flexibility and customisation.
Stitch launched its first pay-in method, Instant EFT, in late 2021. They moved from a single-method provider toward a multi-method offering with the launch of Direct Deposit in November 2022, and CashPay in February 2023, in addition to Payouts. With the latest launches, Stitch has become a full service PSP.
The evolution was in large part a response to requests received from existing clients to help solve more of their payments needs.
Through a single API integration, today Stitch clients can accept payments via Instant EFT, Debit + Credit Card, Direct Deposit, Debit Order and Cash; track, manage and reconcile payments received across multiple methods, providers and geographies via PayOS;
and easily disburse funds via Payouts
“We’re really excited to fully serve our clients end-to-end, and meet more of their payments needs,” said Stitch President, Junaid Dadan, adding, “We operate as a client-first business and have found that clients see us as a thought partner in the way they run their payments environments. Over time they’ve started asking us to support them with more solutions. This progression is in response to that demand, and an effort to fill gaps we see in the market across the payments stack.”
Speaking to PayOS in particular, he added, “PayOS is the first solution of its kind in the market. It was created to give clients even more freedom in terms of how they manage their payments. PayOS enables clients to integrate directly into multiple PSPs and manage payments across methods and providers, with the flexibility to maintain existing commercial agreements. These direct integrations allow us to aggregate and standardise data from across providers into a single source of truth that can improve the efficiency of finance and payments teams. Importantly, PayOS also works across geographies.”
Stitch stands out due to its bespoke and hands-on approach to client support, as well as direct integrations with multiple banks, acquirers and networks, which improves reliability and uptime, and enables the team to resolve issues faster.
“I had a great sense of comfort when working with the Stitch team, knowing they fully support our vision and our obsession with checkout experiences across our different channels,” said Sipho Tshabalala, Product Manager Online Platforms, MTN.