According to Endeavor South Africa, the new payment API replaces traditional electronic funds transfer (EFT) processes with real-time, bank-authorised payments.
South African fintech Ozow has partnered with First National Bank (FNB) and Rand Merchant Bank (RMB) to introduce a new API-driven payment solution designed to enable faster, more secure account-to-account transactions.
According to Endeavor South Africa, the new payment API replaces traditional electronic funds transfer (EFT) processes with real-time, bank-authorised payments. The solution allows customers to authenticate transactions directly through their banking apps using familiar security features such as biometrics or a PIN, streamlining the payment experience while enhancing security.
For merchants, the API delivers several operational benefits, including real-time payment confirmation and settlement, reduced manual reconciliation, improved payment completion rates, and enhanced security through direct integration with bank APIs.
The collaboration highlights the growing role of partnerships between fintech companies and financial institutions in advancing South Africa’s payments ecosystem. By replacing legacy payment processes with API-enabled infrastructure, the initiative aims to make digital transactions more seamless, secure and scalable for businesses and consumers alike.
