Paystack, Africa’s best online payment system has announced the Introduction of Paystack-Titan Virtual Accounts. According to the company, Paystack-Titan is a fast Virtual Account, that allows businesses to accept bank transfers instantly, reliably, and at scale.
The Paystack-Titan can help clients process bank transactions super fast. It added that “99% of bank transfers collected via Paystack-Titan are confirmed within 8 seconds.”
A Paystack Virtual Account is a digital bank account created on your behalf or in your customer’s name to enable seamless payments via bank transfer.
We’re thrilled to announce Paystack-Titan, a blazing-fast improvement to Virtual Accounts, that allows businesses accept bank transfers instantly, reliably, and at scale.
Three years ago, we introduced Paystack Virtual Accounts — unique bank accounts that we auto-generate for you to accept payments, or assign to your customers. Since then, we’ve processed millions of transactions for businesses, powered by Wema, Access, and Zenith Bank
Today, we’re excited to extend this relationship to our friends at Titan Trust Bank, a commercial bank licensed by the Central Bank of Nigeria.
⚡️ Where most comparable transfer products require over 60 seconds or more to be confirmed, 99% of bank transfers collected via Paystack-Titan are confirmed within 8 seconds.
Paystack-Titan is a partnership between Paystack and Titan Trust Bank. The partnership enables customers to make instant, reliable bank transfers at scale to Paystack merchants.
The Paystack-Titan relationship allows Paystack to integrate directly with the Nigerian Interbank Settlement System (NIBSS), which gives us real-time insights into the progress of every single transaction and helps us deliver a markedly superior customer experience.
In practice, this translates to extremely high reliability and high success rates (you’ll get your money every time the customer attempts a valid payment), very fast bank transfers (the transaction will be completed in seconds), and instant refunds in the rare case where there’s an issue with a payment.