IVeri Payment Technologies

iVeri is a payments technology company which enables banks and businesses to facilitate transaction acceptance. They are based in Johannesburg, South Africa. iVeri, established in 1998, is South Africa's largest provider of technology for virtual and mobile commerce.^[1]

iVeri is PCI DSS compliant, (a payment card industry security requirement for entities that process, transmit and/or store cardholder data) and EMV approved.^[2] iVeri's mobile payment solution has been listed as a mobile payment solutions that “meet industry standards and MasterCard best practices” by MasterCard^[3] and is listed as a Visa ready for mPOS solution.^[4]

History

iVeri's Frost & Sullivan Award

iVeri was launched as a company, and began developing electronic payment technology in 1998. Originally operating in South Africa and Namibia they developed payment solutions for Nedbank, one of South Africa's largest banks. They were one of the first companies to offer ecommerce transactions in South Africa^[5] and one of the first mobile point of sale (Mpos) devices in Africa.^[6] Since 2006 they have branched out into the rest of Africa and now provide a variety of payment solutions in South Africa, Namibia, Lesotho, Swaziland, Zimbabwe, Tanzania, Angola, Kenya, Rwanda, Zambia and Malawi.^[7]

iVeri has since gained on-the-ground experience of card acceptance in developing economies. Their mobile commerce system has allowed remote merchants such as game lodges and tourist trains to process transactions in places with minimal infrastructure.^[8]

In 2015 iVeri earned the Frost & Sullivan 2015 Technology Leadership Award^[9] for its Payment Gateway and MicroBank+ banking solution,^[10] and the Best Mobile Product of the year from Card and ePayment Awards, by Intermarc Consulting for their mPress Product.^[11]

In June 2016 iVeri launched the first annual African Financial Retail Readiness Index (AFRRI) report, looking at the maturity of the current financial services sector across eight African countries.^[12] The AFRRI report looks at Kenya, Nigeria, Ghana, South Africa, Tanzania, Uganda, Zambia, and Zimbabwe comparing social, economic, and demographic information to assess the maturity and potential for formal retail banking in each country.

Core products

Payment Gateway

iVeri's Payment Gateway provides mobile, internet, recurring payment, point of sale and card-not-present card acceptance channels, including reporting and back-office functionality for both the bank and the merchants.^[13]

Microbank+

iVeri's MicroBank+ solution enables Banks and Microfinance institutions with the ability to register customers in remote or rural areas. It has the ability to capture digital photos of the account holder and their Identity documents. The solution has two options to identify and authenticate account holders, via mobile number and a PIN or card number and biometric finger print.^[14]

iVeri and WWF

iVeri created the technology, maintains and sponsors the FishMS service for WWF SASSI. Since SASSI's (South African Sustainable Seafood Initiative) FishMS service first went live in December 2006 it has responded to over 73 000 queries on sustainable seafood from over 18 000 different consumers around South Africa.^[15] iVeri has been honoured as a ‘WWF Everyday Hero’ for the provision and support off FishMS. Everyday Heroes are special individuals outside the conservation sector who contribute towards WWF's aquatic conservation goals. The heroes were honoured at the WWF Sanlam Living Waters Partnership 2009 Annual Report launch celebrations, which took place at the Two Oceans Aquarium.

References