The Bancore Switch
To facilitate prepaid card-to-card transactions and instant settlement to existing bank accounts for our B2B clients (also cross-border), we introduced the “Bancore Switch” in February 2019.
This switch is integrated directly with the Central Bank switch in Nigeria (NIBSS), provides real-time switching between banks and microfinance banks, and covers 82% of all banks in the world as well as all major eWallets in Africa – with instant settlement (T+0) in 90% of the cases.
The Bancore Switch is the most versatile, scalable, secure and cost-efficient way for anybody to distribute and settle transactions, whether remittances, payroll, or payments.
As an add-on feature Bancore is licensed to manage currency exchange, and while doing this real time for any of our B2B clients, we are still able to offer some of the best exchange rates in the market always adapted to the specific needs of our clients.
The Bancore Switch has integration with VISA Direct™ and Mastercard Send™, as well as an option to instantly issue a virtual VISA or Mastercard to any SENDER or RECIPIENT in a transaction, meaning that the Bancore Switch can facilitate global switching and processing for any need and for any consumer – all you need is a mobile phone!
Add to this “cardless ATM” cash pick-up and our growing number of local agent locations, and you have the most versatile switch in the market, managing any transaction or payment need you might have in your business.