By Staff Writer, ITWeb

South African-based fintech start-up Stitch has expanded payments through its application programming interface (API), rolling out direct deposit as a new payment method.

It will supplement other flagship Stitch instant EFT solutions − InstantPay and LinkPay − which are already active, according to a statement.

The payments company says direct deposit offers customers more ways to pay through the Stitch API, while making it easier for local businesses to accept and reconcile those payments.

With direct deposit, businesses can avoid the need to develop and maintain direct integrations with individual banks, receive notifications for payments made via manual EFT, as well as experience faster settlement times versus waiting days, notes the statement.

Stitch CPO Junaid Dadan comments: “We want to give consumers more choice in how they wish to pay, while ensuring a fantastic experience for them, and taking the headache out of payments acceptance and reconciliation for the merchant.

“With direct deposit, customers can choose to initiate a transfer from their banking apps to a merchant account. The merchant will be notified instantly, and the transactions will be automatically reconciled alongside other payments coming through Stitch − no need for businesses to develop and maintain integrations with each bank individually.”

Established in February 2021, Stitch expanded into Nigeria last October and raised $21 million in Series A funding in February.

In SA, it is exclusive payments partner for brands such as Binance and Chipper.

Stitch’s API tooling allows new fintech firms and innovative incumbents to leapfrog traditional solutions and launch products quickly and securely, says the company.

Within minutes, it notes, developers can connect apps to financial accounts, allowing their users to share their transaction history and balances, confirm their identity and initiate payments.

Stitch indicates that any business that accepts digital payments can utilise direct deposit, including e-commerce platforms, investment solutions, as well as digital wallets or accounts.

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