Christo Davel, the co-founder of the personal financial management platform 22seven acquired by Old Mutual in 2013, joins Direct Transact as commercial director.
Davel, who also ran 20Twenty bank owned by Saambou (and later Standard Chartered), will work with Direct Transact founders Hennie Dreyer and Anthony De Gray Birch.
Davel’s two series of fintech companies, including 22seven, and Direct Transact have their origins in Saambou and 20Twenty, the bank the three ran together. They are now striving to “develop open payments technology to allow more fintech players to participate in the banking and payments innovation game.” Already, Direct Transact is responsible for generating nearly 10% of South Africa’s monthly transaction value through BankservAfrica’s automated clearinghouse.
Direct Transact is “South Africa’s largest independent financial sector transaction flow processor, at R30 billion / month.” The company is playing an important role behind the scenes in helping democratize the payments and banking ecosystem in South Africa with software-as-a-service solutions that enable small banks to access payments innovations.
In addition to Davel’s appointment, Direct Transact also hired C-suite bank veteran Arina McDonald as non-executive director and banking technologist Clinton Haley as executive head of software production and development.
‘Behave like fintechs’
McDonald is a former CFO of Standard Bank Africa and Atlas Mara; Haley previously held senior technical roles at First National Bank, where he was responsible for credit card technology and corporate finance solutions.
In a statement, Direct Transact explained that its technology allows banks, retailers and other businesses to “behave like fintechs that bring innovative payment solutions to the market.”
“Dreyer and De Gray Birch, who is COO of Direct Transact, will work with their enhanced leadership team – with Davel playing a key role as CCO – to lead the local payments and banking industry of retail hosted by SaaS from its infrastructure configuration into a future of extended open banking and cloud technologies, ”the company said. – © 2021 NewsCentral Media
22seven founder Christo Davel joins Direct Transact
Source link 22seven founder Christo Davel joins Direct Transact