Ozow, FNB, RMB Launch API-Driven Payment Solution

South African fintech company Ozow has partnered with First National Bank (FNB) and Rand Merchant Bank (RMB) to introduce a new API-driven payment solution. This new offering is designed to improve account-to-account payment processing for FNB and RMB clients, providing merchants with enhanced reliability, security, and control.

The system allows merchants to process payments directly through FNB's and RMB's banking infrastructure, replacing traditional electronic funds transfer (EFT) processes. It aims to offer a more secure, real-time, authorization-led experience. Ozow, formerly i-Pay, focuses on facilitating payments for small and medium-sized enterprises.

Rachel Cowan, interim CEO of Ozow, stated that the partnership strengthens the company's role in advancing more integrated and interoperable payment solutions. "Account-to-account payments have always been central to Ozow’s model, and partnerships like this are critical in advancing a more connected payments ecosystem," Cowan said.

The initiative seeks to improve payment performance, increase security, and simplify transaction management for merchants, particularly those operating at scale. This launch reflects a broader trend towards open banking and digital payment flows within the South African financial sector.