Traderoot and Sureswipe, two of South Africa’s first financial technology companies, announced on Tuesday 12 September 2017 that the companies have entered into a strategic business relationship that they claim will change the fintech payment space.
Traderoot and Sureswipe have made available a quick, comprehensive and PCI compliant payment platform that reverses the relationship SMEs and merchants have with traditional financial institutions and places control of business processes in their own hands.
Sureswipe’s MD Paul Kent said that this new approach to payment transactions is set to disrupt the current mindset of the industry, as merchants no longer have to be locked into single relationships with large financial institutions that dictate terms and conditions of their business processes.
While Traderoot’s CEO, Eugene von Engelhardt, added that this payment platform allows the SME, merchant, company, corporate or community owner to streamline systems to meet their specific business needs, while remaining completely compliant and incorporating all their partners of choice.
“Our partnership with Traderoot allows us to evolve our services and technology to accommodate the latest digital payment methods and what consumers want in terms of mobile and wallets,” said Kent.
According to von Engelhardt, Traderoot was one of the earliest adopters of the Payment Application Data Security Standard (PA-DSS) program which is the global security standard created by the Payment Card Industry Security Standards Council (PCI SSC) and has enabled SureSwipe to expand into multiple regions and geographies.
“This payment platform is not only scalable, it is also future-proof because it seamlessly integrates new and emerging payment technologies such as Apple Pay, Samsung Pay, Tap and Go, Pay Later, tokens and loyalty vouchers,” he said.
Kent added that, “By adopting a ubiquitous platform, the banks become another supplier in the chain, and merchants can adopt a much more agile and customer-centric approach, driven by what the consumer wants while future-proofing their business to ensure that new technologies don’t derail operations, but can be easily adopted.
“Sureswipe’s deployment of the Traderoot platform has opened up the market to us, as the customer engagement model is simple. As a result, the acquisition has become easier and completely transparent as the platform is all inclusive. It addresses all merchants, financial institutions, and POS systems and removes friction points so customers can retain all current relationships,” he adds.
The new platform is available to merchants and their partners in South Africa and in global markets.