How Shyft empowers global citizens with Stitch

About Shyft

Historically, purchasing forex in South Africa was a cumbersome process that required physically visiting a bank branch, standing in queues and dealing with excessive paperwork. Today there are tools designed to make this easier, but there are often still barriers and delays when it comes to accessing and moving those funds.

Shyft was created by the team at Standard Bank as a way to eliminate these inefficiencies and meet the diverse financial needs of their customers - or what they call global citizens. These are individuals who refuse to be limited by borders – whether financial or physical. They include travelers, investors and shoppers who need seamless, just-in-time access to digital funds at their fingertips.

The Shyft app offers the most cost-effective forex proposition, with instant accessibility right from a smartphone. Dani Morley, Executive Head of Growth at Shyft, provides a compelling example:

“If you’re at the Gautrain station about to go to OR Tambo and fly to London, and you don't have your forex, by the time you leave the station, you can download the app, deposit money, buy your forex, and as you hit the airport, you are ready to go with what you need.”

Why Shyft partnered with Stitch

In the broader financial industry, common payment challenges include settlement delays, high transaction fees, unfavourable exchange rates and security concerns. As more and more customers used the Shyft app to move, spend and send money locally and internationally, they required faster and more efficient financial transactions. This growing need led Shyft to seek a payments partner capable of delivering instant, seamless payment solutions—enter Stitch.

With Stitch, Shyft has been able to enhance its payments infrastructure, enabling instant wallet top-ups from any South African bank, via card. Now they can meet many more just-in-time use cases for their customers, without those customers having to wait for funds to settle.

Dani Morley highlights the synergy between the two companies:

“There's so much alignment between Shyft and Stitch in terms of the way we operate, the entrepreneurial spirit and attitude we both have, and the way we want to provide instant access to our customers. That’s why the partnership works so well.”

At Stitch, we’re excited to tackle this challenge with the Shyft team and build a better experience for their customers. “We’re excited to work with Standard Bank to bring this innovation to market and introduce an even better customer experience on the Shyft app,” CEO Kiaan Pillay said. “Shyft customers rely on them for money movement that often requires just-in-time access. They needed a payments partner that can deliver on the speed and reliability their customers expect. With instant top-ups via bank card through Stitch, now Shyft customers from any bank can invest, exchange funds, send money to friends and family and much more -- in real time.”

Head of Card and Payments at Shyft, Lusana Dlamini, adds: 

“Our commitment to delivering seamless customer journeys is ingrained in everything we do, and Stitch has consistently matched our energy.  There are many ways to access the global financial economy, but it starts with apps like Shyft, and partnerships like the one with Stitch to deliver payment services the way our customers want it.” 

The future of Shyft and forex

Even after eight years of success, Shyft remains committed to learning, listening and innovating. Glynn Allen, Head of Platform at Shyft, shares:

“We must be doing something right because we see hundreds of new global citizens joining the Shyft family every single day. That’s why we will continue working hard to provide instant – or almost instant – access to those managing their money and investments worldwide.”

Looking ahead, Shyft plans to enhance its card and payment features while expanding its offerings for both local and global investors and traders. While the future of forex remains unpredictable, Glynn is optimistic about the role of technology in simplifying access:

“We don’t have a crystal ball when it comes to forex, but we do know that access will continue to become easier for retail customers. Advancements in technology and innovation will make transactions smoother and more seamless.”

By continuously evolving and partnering with forward-thinking companies like Stitch, Shyft is empowering global citizens with the financial freedom they need to navigate the world on their own terms.

We look forward to continuing our relationship with the Shyft team as they grow. If you’d like to learn more about how you can enable instant top-ups on your wallet or app, get in touch.

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