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
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
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
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
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
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
