HPS, the market-leading provider of mission-critical solutions to the cards and payments industry, has today announced that First National Bank (FNB), one of the most innovative banks in the world, has signed an agreement with HPS to implement PowerCARD in order to modernize its merchant acquiring business.
FNB will use PowerCARD to drive innovation across its merchant acquiring business. The new platform will allow FNB to tailor specific solutions such as merchant origination, billing, settlement and reporting, as well as merchant campaigns and merchant management support. PowerCARD will be rolled out across FNB's African network of 7 countries, supporting the entire merchant acquiring activities across Africa.
FNB becomes the first South African bank to implement an open payments platform in order to accelerate the delivery of innovative solutions to their customers.
FNB found that PowerCARD was the best fit application software to cover the entire payments value chain in one single software solution. This is important for two reasons; first, it means that change can be implemented faster and at lower cost and second; it facilitates payments innovation by allowing new products to be brought to market more easily.
Alan Scoular, CEO FNB Merchant Services commented: "We are looking forward to rolling out the PowerCARD application software across our business as we believe it will provide us with the opportunity to further roll out world-class payment services for our customers more quickly."
Abdeslam Alaoui, Managing Director, HPS, added: "We are delighted that FNB has selected PowerCARD as the new platform for their acquiring business. Given the Bank's impressive track record of adopting new technologies, it's an honor to have been selected to support their next drive for innovation. We look forward to working with them as they deliver change to the South African payment market, and lead the way across the African continent."