Common Monetary Area Countries Move to Regularise Electronic Funds Transfer Payments

Posted on by kara | 3750 Views | 12 min read

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 Reduces ATM Footprint, While Adopting High-Tech Devices

Posted on by kara | 18722 Views | 12 min read

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 Shift From RMS to RM: What It Means for South Africa’s Debit Orders

Posted on by kara | 7823 Views | 36 min read

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

CrowdStrike Downtime Disrupts Payments Globally, Reminding Businesses of the Need for a Back-up Plan

Posted on by kara | 10467 Views | 12 min read

By Nicole Dunn, Co-founder and COO of Precium CrowdStrike, a leader in cybersecurity solutions, experienced a major service disruption due to a technical glitch in their cloud-based infrastructure. This unexpected downtime lasted for approximately 14 hours, leaving numerous businesses grappling with the fallout. Payment processing services were among the hardest hit, as many financial institutions

Avanti Communications Conducts Groundbreaking Satellite Connectivity Test for More Secure and Resilient Financial Operations

Posted on by kara | 4496 Views | 9 min read

Avanti Communications (“Avanti”), a leading global multi-orbit provider of fully integrated connectivity services and solutions, has undertaken a satellite connectivity test with BankservAfrica, Africa’s largest automated clearing house with Capitec Bank, one of South Africa’s top retail banks. The successful completion of this connectivity test heralds a movement towards greater transactional security. It underlines the

InstaPay Launches in South Africa: An Innovative Merchant Payment Application

Posted on by kara | 5201 Views | 19 min read

InstaPay, a cutting-edge new merchant application, has been launched to transform the payments landscape in South Africa. This innovative solution offers unique functionality and competitive rates that surpass traditional card providers, setting a new standard in the industry. InstaPay is the result of combined expertise and technology between Omnea and Amber Pay, two industry leaders

The Future of Cross-Border Payment: Traditional vs Digital – Verto

Posted on by kara | 14153 Views | 14 min read

As the world of finance evolves into the digital age, businesses now have the luxury of choosing platforms that offer convenience and efficiency in managing their finances. Companies dealing with clients in other markets can opt for digital payment systems for cross-border transactions, which promote speed, safety and cost savings. Africa is experiencing an increase

SMEs Require a Banking Relationship, Even in This Digital Age – Standard Bank

Posted on by kara | 7155 Views | 12 min read

The World Bank estimates that small businesses constitute 90 percent of all businesses worldwide. In sub-Saharan Africa alone there are 44 million small businesses, with small and medium-sized enterprises (SMEs) accounting for 60 percent of jobs. In South Africa there are approximately 3.2 million SMEs, which make them the backbone of the economy with a

Stitch Partners With Absa to Offer Absa Pay for Enterprise Merchants Across South Africa

Posted on by kara | 5704 Views | 10 min read

Payments infrastructure company Stitch to offer all available direct bank APIs as part of its Pay by bank solution, including Absa Pay, Capitec Pay and Nedbank Direct EFT Payments infrastructure company Stitch today announced that it will partner with Absa, one of South Africa’s leading banks, to make the newly launched Absa Pay available to

Paycorp Expands Into Embedded Business Funding in South Africa and the UK

Posted on by kara | 16154 Views | 8 min read

Paycorp, a global leader in payment solutions, continues shaping the future of payments across Southern Africa, Central and Eastern Europe, and the UK. With over two decades of experience, Paycorp stands as an acknowledged innovator, leveraging a collaborative and integrated ecosystem, blending expertise, reliability and agility in transaction processing, cash management solutions, value-added services like