![]() However, Absa has started a process of divestment from the UK bank. This is a significant investment committed as part of our journey to transform the payment capability of the firm”īarclays owns a 15% stake in Absa, resulting from its acquisition of the financial services group in 2005. “Through electronic payments, we aim to bring financial services to many more unbanked and underbanked people, reduce transaction costs and increase customer convenience. “The payment landscape in Africa poses a huge potential” ![]() Vanessa Olver, Absa’s chief enablement officer, states that the new system, which combines its switch and settlement proficiencies, has “improve stability”, reduced the financial group’s “cost to serve”, and enables every country to control their operations through role-based access to the program.Īccording to Vimal Kumar, Absa’s regional operation chief executive for retail and business bank. PowerCARD took the place of Absa’s legacy systems last year when HPS introduced the payment infrastructure in African countries where Absa has a presence, namely Uganda, Zambia, Kenya, Tanzania, Seychelles, Ghana, and Botswana. Offering the Filipino public one app for all their financial needs, from savings to payments and investing.Absa, in their continued bid to remain at the top of Africa’s financial services sector, has extended its operations beyond the shores of South Africa by procuring payments infrastructure with the aid of HPS, a Morocco-based payment solutions providerĪbsa and HPS announced that PowerCARD has replaced the legacy merchant acquiring settlement platform used by Absa’s Regional Operations (ARO). The switch to the new system was concluded sometime in March but was only recently made known to the public.Īccording to the HPS website, PowerCARD makes it possible for Absa to accept transactions from “any channel”, initiated “by any means-of-payment.” We are confident that HPS will help us achieve our goal of Manish Bhai CEO of UNOAsia said: “We have selected HPS’ PowerCARD solution because of their deep understanding of the challenges new market entrants are facing and their advanced, cloud-based technology. If you are a merchant of any size accepting credit cards, you must be in compliance with PCI Security Council standards. ![]() UNObank’s trust in HPS comforts us on the consistency of our development strategy in South East Asia.” For this reason, we are beyond thrilled that PowerCARD has been chosen by UNObank to bridge the financial inclusion gap through one card that gives access to a full spectrum of banking services, and we look forward to being a part of its latest venture into the Filipino market. In today’s crowded payments market, established card issuers and new digital banks require flexible, APIs driven and robust solutions that enable them to design unique user’s experiences in a digital ecosystem and scale in a fast, seamless and secure manner.Ībdeslam Alaoui Smaili CEO of HPS commented: “Our mission at HPS has always been to provide our clients with cutting edge payments technology, and to enable them to bring new products to the market with ease and efficiency. HPS will roll out its PowerCARD solution for UNObank as a service fully integrated in a robust digital technology ecosystem and hosted on Amazon Web Services. The news follows the announcement that Singapore headquartered fintech UNOAsia, one of the primary incorporators of UNObank, has received approval by the Bangko Sentral Ng Pilipinas (BSP) to operate a digital bank in the Philippines. HPS, the leading global provider of payment solutions, today announced that UNObank, South East Asia’s first full-spectrum digital bank, has selected HPS’ PowerCARD solution for its card issuing activities in Asia.
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