Payment rails can be global or local in nature, and different options might be preferred for different businesses, depending on what their payments needs are and what they’re looking to achieve as a business. In this guide, we look at the existing payment rails in South Africa and how they work together. The payments landscape
The BankservAfrica Economic Transactions Index (BETI), measuring the value of all electronic transactions cleared through BankservAfrica at seasonally adjusted real prices, reflected a welcomed improvement in July by reaching the highest level since May 2022. “The July BETI of 136.7 was 0.5% higher than in June and signalled a continuation of the economic momentum observed
It has been an exciting year for payments and payments technology. Our Payments Product Manager, Rinske van der Bijl, has discussed the latest highlights and additions to Electrum’s Clearing House Payments offerings. Dear Electrum Payments Community It’s impossible to start this letter without mentioning our excitement about PayShap RTP (request-to-pay), that is fast becoming a
dLocal, a Uruguayan cross-border payment platform, has forged a partnership with iTransfer, a money remittance company. Their collaboration aims to address the complexities of cross-border payments in emerging markets, with a focus on mitigating currency risks and enhancing transfer efficiency. The partnership’s primary objectives include offering competitive rates, providing real-time currency updates, and increasing flexibility
Sabipay Technologies, a subsidiary of fintech Pesapal Limited, has been granted a payments system business licence by the Bank of Zambia. The fintech announced the development yesterday, stating that it signals a significant extension of Pesapal’s presence in the Zambian payments landscape. The payments system business license, according to Pesapal, is a crucial approval that
South African banks, in the next month, will halt electronic fund transfer (EFT) services to Namibia, eSwatini, and Lesotho, restricting clients from transferring money to these Common Monetary Area (CMA) countries. From September 4th, EFT services will be unavailable to South African customers wishing to send money electronically to these key Southern Africa Development Community
Women’s Month is a time to pay tribute to women in all sectors of society. It’s an opportunity to honour the incredible achievements of women and a time to focus on, and redouble, efforts at promoting the upliftment of women. While efforts to ensure that equal rights, equal access and equal opportunities for women, span
As of 30 September 2024, low-value electronic funds transfers (EFTs), debit and credit payments made between Common Monetary Area (CMA) countries, namely Eswatini, Lesotho, Namibia and South Africa, will be treated as cross-border transactions and subject to greater due diligence requirements. Previously, these low-value retail payments were treated as domestic payments, with the four CMA
Standard Bank is actively reducing its ATM presence across South Africa by introducing more efficient “new technology ATM devices” with higher capacity to better serve clients. In recent years, South Africa’s major banks have been reducing their physical footprint as customers increasingly adopt digital transaction channels. This has led to a reduction in the size
The South African debit order landscape has undergone significant transformations to enhance security and efficiency. Central to this evolution was the introduction of the DebiCheck debit order system. The South African Reserve Bank (SARB) dictated the implementation of a new payment stream in the early morning processing window where authentication by the payer occurs prior
