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iFinancial’s P2B solution iPayu goes live in St.Helena

Matthew Day, Director, iFinancial

UK-based supplier of integrated real-time banking software, International Financial System Ltd. or iFinancial has announced that its peer-to-business (P2B) solution, iPayu has gone live in St.Helena, a tropical island in the South Atlantic Ocean. The system was developed in collaboration with the Bank of St. Helena and the island’s government in a bid to introduce electronic payments on the island.

iFinancial Director Matthew Day said, “iPayu is a perfect solution for small islands such as St Helena. Additionally, the foreign-exchange capability that is being inbuilt into the tourist card project will enable a customer from one island to be able to buy goods on another island provided that both merchants are part of the iPayu network.”

iPayu is expected to enable cardholders to shop easily without the need to carry cards. The merchants will scan the customers’ cards and facilitate instantaneous settlement. The solution also offers features associated with traditional debit cards such as purchase, refund and cashback. The solution rollout is the first part of a digitisation programme that aims to enable tourists to use their smartphones as the method of payment without having to acquire the local currency St. Helena pounds. The tourist programme is expected to become operational from early 2020.

Recently, iFinancial entered into a partnership with Tatum Blockchain API in a bid to allow it to provide enhanced solutions to struggling financial institutions.

UK-based iFinancial specializes in core banking, digital banking, anti-money laundering and PSD2 compliant cash management systems. iFinancial’s solutions are aimed at banks, credit unions, building societies and other FIs.

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