South African fintech Stitch has announced the addition of card and debit order pay-ins, as well as a payments management system PayOS, for payments orchestration and reconciliation.
Through the addition of the new services, Stitch becomes an end-to-end Payments Service Provider (or PSP, defined as a third party that enables businesses to accept, manage and send digital payments through a variety of methods).
According to a statement by Stitch, its clients can now:
- accept payments via Instant EFT, Debit + Credit Card, Direct Deposit, Debit Order, and Cash;
- track, manage, and reconcile payments received across multiple methods, providers and geographies via PayOS;
- and easily disburse funds via Payouts
“We’re really excited to fully serve our clients end-to-end, and meet more of their payments needs,” said Stitch president Junaid Dadan. “We operate as a client-first business and have found that clients see us as a thought partner in the way they run their payments environments. Over time they’ve started asking us to support them with more solutions. This progression is in response to that demand, and an effort to fill gaps we see in the market across the payments stack.”
Stitch launched its first pay-in method, Instant EFT, in late 2021. They moved from a single-method provider toward a multi-method offering with the launch of Direct Deposit in November 2022, and CashPay in February 2023, in addition to Payouts. With the latest launches, Stitch has become a full-service PSP.
According to the fintech startup, the evolution was in large part a response to requests received from existing clients to help solve more of their payment needs.