back Back

Nedbank & Synthesis to enable contactless payments on Smartphones with AWS

By Delisha Fernandes

August 24, 2023

  • Amazon Web Services
  • Banking
  • Contactless Payments
Share

Nedbank, Synthesis ,Contactless Payments, Amazon Web Services, banking , software-based point-of-sale, FinTech news, FinTech South AfricaNedbank, a South African bank, has integrated with Synthesis, an AWS Advanced Consulting Partner, to develop a software-based point-of-sale (POS) system.

The solution, built on Amazon Web Services (AWS), can be installed on smartphones without additional hardware. This allows single operators or small businesses to accept contactless payments easily.

“When we considered developing a SoftPOS payment solution, there were very few companies globally offering the capability,” said Roelien van Rooyen, functional lead for Emerging Innovation team at Nedbank. “We wanted to create a solution that was quick and easy to use, inexpensive, and met the needs of our clients.”

Using containers on AWS, the backend services can scale automatically without worrying about server infrastructure and maintenance. This improves app performance and means retailers can reliably and quickly accept buyer payments.

The two companies faced challenges in developing the technology to support a new way of accepting payments. “When we started this project, it was brand-new technology,” said Pierre Aurel, head of payments and cryptography at Synthesis. “At that time, very few companies globally had implemented this capability of tapping a card to pay on a mobile phone. And the major challenges were about how to securely make use of the NFC (near-field communication) component on the phone to communicate with a payment card, or another payment device, making use of a digital wallet.”

The entire backend of the SoftPOS system runs on AWS, with all transactions passing through AWS to Nedbank. The system uses Amazon Elastic Compute Cloud (Amazon EC2), which provides secure and resizable compute capacity for virtually any workload, and Amazon Electric Kubernetes Service (Amazon EKS) to start, run, and scale Kubernetes.

The project has helped Nedbank fulfil its commitment to helping small business clients. Making it easy and inexpensive for small and microbusinesses to accept debit and credit card payments lowers the barrier to entry for aspiring retailers in South Africa.

Previous Article

August 24, 2023

Lightyear rolls out Investment Account for small businesses in UK

Read More
Next Article

August 24, 2023

Yethi Consulting’s ‘Tenjin’ goes live on Temenos Exchange

Read More






IBSi Daily News Analysis

cybersecurity,

June 20, 2024

Amazon Web Services

Why predictive AI is a critical necessity in the field of cybersecurity

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

June 20, 2024

4 Open Banking platforms shaping the future of financial data in the US

Read More

June 20, 2024

TerraPay & Thredd to power virtual card payments for the travel industry

Read More

June 20, 2024

Mexican FinTech unicorn Clip secures $100m investment

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023