South Africa’s principal central securities depository and central collateral platform, Strate, has announced the acquisition of Trustlink, an enabler of the secure and reliable exchange of information.
The acquisition of Trustlink’s Swift bureau services business has seen the remaining entity of the business split into two sister companies, Omnea and Tegra, which will allow each new brand to focus on its respective niche by growing its core market offerings for integration services.
Both the Omnea and Tegra brands are owned by XEA Capital. They aim to meet the evolving requirements of today’s customers by providing the innovative products and services needed to cater to the latest market trends and compete effectively in the digital economy.
According to André Nortjé, CEO of Strate, the acquisition will enhance and complement its Integration Services business, allowing it to leverage scale and efficiencies to the benefit of all its clients. “As a purpose-led company, we are committed to serving the South African financial market.”
In line with this, Nortjé says the transaction will lead to growth in message volumes and add scale to the fixed infrastructure that Strate already has in place for its Swift bureau services, allowing the company to contain future costs for its clients.
Deon Tromp, CEO of Omnea, and former chief executive of Trustlink, says that the business was at the vanguard of the fintech movement at inception by being the first “TechFin” business of its kind to provide such a broad range of diverse enablement services and integrations to support customers’ growth in the financial services industry, as a result of the software and technology which has been developed over the past 20 years.
Trusted partner
“More than two decades later, and now known as Omnea, we remain a trusted partner and leading advisory to the fintech industry and enable over 450 000 individuals and businesses with payment services across South Africa.”
For transacting entities such as banks, large businesses and financial institutions to participate in the economy, they need access to robust payment systems, as well as effective solutions and infrastructure to manage payment flows and related information. “Moreover, transacting entities need to comply with regulations to protect deposits, safeguard the payment system, combat fraud and much more,” he adds.
According to Tromp, innovation has advanced alongside technology in South Africa. “Young, urban citizens, small businesses and new enterprises are providing a fertile foundation for economic growth. At the heart of this growth are new financial systems and alternative payment methods that address the country’s unique challenges. However, these systems require platforms which can enable non-traditional financial services businesses to enter the payment space.”
Tromp explains that this is why Omnea believes that TechFin is a catalyst for growth in the country. “We provide businesses with access to secure and reliable payment platforms, and by facilitating the fintech industry through our open digital platform, we aim to enable the creation of unique banking and financial services experiences for the markets which we serve.”
From a Tegra point of view, the business will continue to focus specifically on providing specialised platforms for the secure, seamless transfer of data, and industry-leading API management and security platforms across the continent. Tegra provides specialised solutions and expert services, combining its vast experience with the technologies of trusted and established software providers.
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