After careful consideration and consultation with key stakeholders, PASA will be reducing the maximum value for writing a cheque from the current value of R500 000 to R50 000, effective 01 May 2020. Walter Volker, Chief Executive Officer of PASA believes that this limit reduction stems from the need for better risk management and the
Video banking technology provides banks with the ability to extend their services to more customers at a lower cost than full-service branches. Another banking touchpoint According to RBR’s Teller Automation and Branch Transformation 2019 report, which covers 23 key global markets, a number of financial institutions are turning to video banking technology to extend their
Specialist financial services provider Sasfin Bank has established a Digital Advisory Council to provide the market with industry-leading expertise and insights on trends shaping the use of technology in financial services. Digitalisation is one of the most powerful forces for change shaping Finance today. This has turned Fintech into one of the most vibrant sectors
Figures released at SWIFT’s 26th African Regional Conference show much stronger growth in particular regions, including in West Africa at 29% Data released at the SWIFT African Regional Conference shows that SWIFT FIN messaging traffic in Africa has grown by 4.4% in the year-to-date. Figures are even stronger in the West African Monetary Zone, where
PayU announces the acquisition of iyzico – a digital payment services provider and one of the most hotly tipped fintech start-ups in Turkey – for $165 million. The acquisition, which adds to the over $500 million PayU deployed across fintech investments and M&A, is a further step in the company’s mission to become the leading
American Express has launched vPayment in the South African market, offering travellers and travel agents a safe, simple and reliable way to pay for their travel bookings. vPayment controls and streamlines the payment and reconciliation process by assigning a unique American Express virtual account number and user-defined expense information to each transaction. A bespoke transaction
The Tribunal has approved a large merger, without conditions, whereby Absa Bank Ltd (Absa) seeks to acquire Société Générale SA (SocGen) Johannesburg branch in respect of target assets. Absa is a wholly owned subsidiary of Absa Group Ltd (Absa Group). Absa is listed as a regional African banking and insurance business. It offers a complete
New collaboration to modernize global money movement for expedited cross-border money transfers. Visa has announced a new strategic agreement with Western Union, a global leader in cross-border, cross-currency money movement. Western Union will implement Visa Direct, Visa’s real-time1 push payments platform in an effort to bring speed and transparency to the process of sending money
Through the WorldRemit website and app SMEs can now quickly and securely transfer money to pay employees and contractors in 140 countries including South Africa. Leading digital money transfer company WorldRemit has launched WorldRemit for Business, a new service that enables small and medium-sized business owners to quickly pay their employees and contractors in 140
A new study from Juniper Research has found that the number of people using digital wallets will increase from 2.3 billion this year to nearly 4 billion, or 50% of the world’s population, by 2024. This in turn will push wallet transaction values up by more than 80% to more than $9 trillion per annum.
