South African bank Nedbank is committed to prioritizing its product development to suit the needs of its personal and small business clients.
The group is a diversified financial services provider, offering a wide range of wholesale and retail banking services, as well as insurance, asset management, and wealth management solutions.This means working with its business banking and corporate clients to support their individual needs and provide the services that matter most to them.
It developed a software-based point-of-sale technology solution that makes it possible for individual sellers or small retail shops to accept payments with only a compatible smartphone. Nedbank chose to work with Synthesis again because of its extensive experience with AWS and its deep knowledge of encryption and secure banking technologies.“Having a local partner gave us the flexibility to develop the product quickly and implement features that best suit the South African market—all proving to be more cost effective than licensing software from outside of the country.”
“When we started this project, it was brand-new technology,” says Pierre Aurel, head of payments and cryptography at Synthesis. “At that time, very few companies globally had implemented this capability of tapping a card to pay on a mobile phone. And the major challenges were about how to securely make use of the NFC component on the phone to communicate with a payment card, or another payment device, making use of a digital wallet.