Stitch has evolved into a full payments service provider

27 Mar 2023

Stitch is now officially an end-to-end payments service provider (PSP), which means it has the capability to act as a third party that enables businesses to accept, manage and send digital payments through a variety of methods.

Source: Supplied.

The news of the expansion of the South Africa-based payments infrastructure company comes off the back of new solutions including pay-ins by means of 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. It moved from a single-method provider toward a multi-method offering with the launch of its product 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 by means of instant EFT, debit and credit card, direct deposit, debit order and cash;

Track, manage and reconcile payments received across multiple methods, providers and geographies by means of PayOS; and

Easily disburse funds by means of 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. “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.”

Dadan added that 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 up-time, and enables the team to resolve issues faster.