Stitch, a South African fintech firm, has introduced LinkPay, a service that allows customers in South Africa and Nigeria to link their financial accounts and pay securely via rapid bank transfer in seconds.
The Stitch API enables developers to quickly link apps to bank accounts, allowing users to exchange transaction histories and balances, validate their identities, and make payments.
Companies may use these tools to develop new and enhanced services in areas including personal finance, lending, insurance, payments, and asset management. Fintechs may also use Stitch to collaborate with traditional financial institutions in a more secure and regulated manner.
Stitch secured a US $21 million Series A fundraising round earlier this year, in part to support the introduction of additional products, and has now launched LinkPay, a linked-account payments system that allows for flexible recurring payments.
LinkPay enables companies in South Africa and Nigeria to accept safe, one-click payments straight from a user’s bank account, emulating the convenience of a tokenised card but without the hefty fees or chargebacks. LinkPay may be used in conjunction with Stitch payouts and financial data products to create a seamless linked-account experience that includes confirmed payments, refunds, and withdrawals.
“With LinkPay, Stitch can enable businesses to offer a more frictionless and secure payments experience, making it easier than ever for their customers to pay – and saving on costs. Combined with Stitch financial data and payouts products, LinkPay offers a truly unique closed-loop linked-account experience for returning users – from fast, seamless onboarding, to one-click payments and payouts. As a result, businesses will see higher conversion rates, a reduction in costs and ultimately a more convenient experience for their users,” said Junaid Dadan, chief product officer at Stitch.
