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  July 21, 2010
Interswitch Attains Payment Card Data Security Standard Certification (PCI DSS).

February 09, 2010
InterSwitch Invests in Nigerian Children’s Education, Initiates CSR Programme.

January 04, 2010
Interswitch Receives Honour From Global Atm Association, Becomes Loyal Member.

ALL BANKS NOW ON INTERSWITCH’S PLATFORM AS STANDARD CHARTERED BANK COMPLETES THE LIST.

InterSwitch Limited, West Africa’s leading transaction switching and payment-processing company has announced the integration of Standard Chartered Bank to its network. This new development makes InterSwitch the only transaction-switching network to have 100 percent of Nigerian banks connected to it and the only Nigerian e-payment company to have real-time online connections to all the 24 banks in Nigeria.

At inception, InterSwitch set out to provide banking convenience to Nigerians by facilitating electronic movement of cash on a timely and continuous basis through the Nigerian banks. Standard Chartered Bank, now offers AutoPay, a direct debit and direct credit solution and PayDirect, a payment collection solution. With Standard Chartered joining the network, InterSwitch has delivered its 100 percent promise.

The Nigerian banks on InterSwitch’s super switch network are First Bank, United Bank of Africa, Zenith Bank, GTBank, Oceanic Bank, Skye Bank, IBTC Chartered Bank, Afribank, Wema Bank, Bank PHB, FCMB and Diamond Bank.

Others include Union Bank, Access Bank, Intercontinental Bank, ETB, Ecobank, Fidelity Bank, Citi Bank, First Inland Bank, Sterling Bank, Spring Bank, Unity Bank and Standard Chartered Bank.

With its super switch infrastructure, InterSwitch continues to create value for cardholders, merchants, banks, corporate organizations, government agencies and almost all the stakeholders in the Nigerian financial space.

   

 



According to Mr. Mitchell Elegbe, Managing Director of InterSwitch, “Through dint of hard work and creativity, we have created value for the cardholders by giving them convenience. We have created value for the banks by having them share their resources amongst themselves. We have created value for corporate organisations by giving them access to their multiple banks’ accounts across different banks from a unified network. We have created value to government agencies by providing them with convenience in their collection processes. At the same time we have connected all the Nigerian banks to a unified network.”

He stated further that “having connections to all the 24 banks has put InterSwitch in the best position to provide online real-time services and e-payment solutions to businesses, microfinance banks, mortgage institutions, insurance companies and government agencies.”

In only five years of its existence, InterSwitch has created a new card carrying culture in Nigeria. It has eliminated the queue culture at banks, and extended banking transactions beyond 4 p.m. It has also ensured that transactions can be processed from multiple channels, namely ATMs, PoS, Web, and Mobile. As at February 2008, over 21 Million debit cards have been issued by member banks, and over 4,100 ATMs, and 7,500 POS terminals deployed nationwide.

InterSwitch continues to revolutionize the e-payment industry in Nigeria. As the only network to accommodate third party organizations such as Certified Application Developers (CAD), Independent Service Organisations (ISO) and Card Issuers, InterSwitch is open to organizations that want to connect it.

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