STEPHEN CRANSTON: Direct Transact aims to be more than an electronic plumber
Founder Hennie Dreyer says it is now a successful business processing more than R30bn monthly in payment flows across 21 currencies
Most of us have not heard of Direct Transact, except when it is confused with the listed Transaction Capital. But Direct Transact has nothing to do with taxis or used cars. It manages the back end and payment systems for smaller banks such as Ubank, Grindrod, Bidvest, Sasfin and African Bank. In fact, 70% of the clearing and settlement banks in SA operate off a Direct Transact chassis.
It has its origins in Saambou Bank, where Direct Transact founders Anthony Birch and Hennie Dreyer developed their knowledge of banking. Saambou founded the first stand-alone internet bank, 20Twenty, which gathered clients much more successfully than the clunky imitations from the big banks, such as Standard Bank’s Blue Bean and Absa’s Red Mouse. After the curatorship of Saambou, 20Twenty was sold to Standard Chartered but was an uneasy fit in a corporate bureaucratic bank...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.