| | DECEMBER 202119CIOReviewUnder the hood of OmniHub's Multi Payment GatewayTo help retailers implement a seamless omnichannel payment infrastructure, the Ecentric OmniHub includes the OmniSwitch module--to dynamically route payment transactions between financial systems (acquirers) and financial institutions (issuers). This allows retailers to complete day-to-day transactions quickly and efficiently. At the same time, it allows easy communication between the parties involved in the entire transaction spectrum, from security to the settlement of electronic funds. Besides, the platform enables the retailer's acquirer to correctly validate given information by customers, for the availability of funds to be confirmed, and for the deduction of funds to occur. "Following that, all unique transactions (in-store, app, or online) are supported by our company's enterprise reconciliation software, ReconAssist+," adds Sheik. It facilitates retailers' daily audit functions, confirming all transactions are accurately processed and settled by their third parties. Going a step further, Ecentric Payment Systems also offers a counter-to-counter money transfer service for retailers. By connecting banks with merchants, the company enables retailers to offer their customers a service to send money to multiple selected receivers, for a varying array of remittance products. Notably, Ecentric Payment Systems' multi-payment service model goes beyond just streamlining the shopping experience. This can be best explained through a case study. Until recently, four leading banks in South Africa--Standard Bank Group, FNB Banking, and Nedbank, and Capitec Bank--were allowing their customers to deposit cash only through their respective branches. Ecentric Payment Systems worked with the banks to deploy different touchpoints enabling the banks' customers to deposit money through nearby retail shops. "Currently, we have deployed 25,000 touchpoints across the country. This facility is enabling the banks to bring banking convenience to a broader base of account holders," narrates Sheik. Although Ecentric Payment System has already established itself as one of the leading omnichannel payment service providers in South Africa, they do not want to stop pursuing more ground-breaking innovations. On that front, the company is proactively working on projects to deploy `tap and pay' along with `scan (QR code) and pay' in retailers' POS. The company is also looking to expand its services to in-game purchasing, where gamers can buy in-game assets seamlessly. Moreover, Ecentric Payment Systems will also keep a close watch over the cryptocurrency and digital currency trends. While driving such innovative changes, the company is also poised to expand its consumer base across parts of Africa and the Middle East. All in all, the future seems bright for the company! It has developed OmniHub--a multi-payment gateway platform that gives retailers access to multiple digital payment service providers as well as alternative payment processing options in a single integrated platform
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