Capitec Bank selects HPS PowerCard to power new product launches
South Africa-based Capitec Bank has selected payment systems provider HPS and its PowerCard solution to modernise back office processes.
PowerCard will be implemented in the bank’s card issuing and merchant acquiring businesses. The bank plans to launch “new and innovative products” following a go-live.
“We can now imagine the products and services we want, to better serve our customers, and simplify banking,” says Wim de Bruyn, CIO at Capitec Bank.
“We can also rely on PowerCard capabilities to consolidate and optimise all our payment businesses in one single platform.”
Founded in 2001 and headquartered in Stellenbosch, Capitec Bank claims to be South Africa’s second-largest retail bank.
It operates 500 branches, more than 3,000 ATMs, and has more than 11.4 million customers. The bank says 2.2 million of its customers use mobile or online banking regularly.
HPS managing director Philippe Vingand says the bank has the “perfect companion” to take its issuing and acquiring businesses “to the next level.”
He adds: “In addition to their back-office activities, they will have the opportunity to further consolidate all front-end activities of the bank.
They will also be able to optimise processes for both IT and Business, as well as consolidating all their data into one single system.”
Cheques out, cards in
Earlier this month, the Payments Association of South Africa (PASA) rung the final bell on the usage of cheques in the country.
The association, whose members include the largest banks in South Africa, says it anticipates more banks to phase out cheques soon.
“The usage of cheques has rapidly declined over the last decade, with very few consumers, public and business entities presently making use of this payment method,” it wrote.
PASA says that it will continue to work with member banks who are cutting their cheque usage. It aims to ensure they exit the market in a “safe manner” to minimise impacts on customers.