from DION HENRICK in Cape Town
CAPE TOWN – TRADEROOT and Wemvula, the South African finance technology companies, have partnered to introduce the PayedNow instant payment solution to the local market.

The fintechs said the solution has been developed with the specific aim of bridging the gaps that traditional payment systems often present.

One of the most distinctive attributes of PayedNow is said to be its patented real-time electronic messaging layer which grants payees the autonomy to decide on their preferred payment method.

“This is a notable paradigm shift in the payment ecosystem,” said Wemvula Fintech co-founder, Sean Honeywell.

He said Traderoot’s certification as a transactions cleared on an immediate basis (TCIB) integrator positions them as an industry leader in remittance and cross-border payments.

Thus, by partnering with Traderoot, PayedNow can be positioned for maximum effect.

“We’re paving the way for real-time notifications, flexible payment choices to payees, and an overall enhanced transactional experience. I believe this could be an invaluable asset to a wide range of businesses,” Honeywell said.

Officials said PayedNow benefits to the payment ecosystem include flexible and accelerated payment choices for payees, enhanced security and compliance as well as greater adaptability and increased compatibility.

Jan Ludik, Traderoot Chief Executive Officer, forecast PayedNow to revolutionise the payment industry.

“With a proud history of supplying the world’s leading financial institutions with fintech solutions, we are looking forward to showcasing PayedNow’s benefits and scaling this revolutionary system,” Ludik said.

The two partnering companies said the Payment Association of South Africa has endorsed PayedNow.

– CAJ News