The South African Reserve Bank, as part of the modernisation of the national payment system (NPS), embarked on the Authenticated Collections (AC)/DebiCheck project. This project is a first of its kind that seeks to address the increasing levels of abuse in the debit order payment system, known commercially as the early debit order (EDO) payment
The Bank helps make updating and protecting data easy for customers & SMEs As data privacy and protection continues to gain prominence globally, FNB has set a new norm in the South African banking industry through the launch of innovative tools enabling individual and business customers to manage and update their information and ensure compliance
The Absa Group Board and the Group Chief Executive, Daniel Mminele have come to an agreement pursuant to which he has stepped down as a director and Group Chief Executive and will be leaving the group with effect from 30 April 2021. The parties have not managed to achieve alignment in relation to the group’s
FIS continues to drive global eCommerce with domestic acquiring capabilities in high-growth regions of Southeast Asia and Africa. Through its Worldpay product portfolio, FIS will bring new payment options to merchants and eCommerce providers across these new regions. Expansion is part of company’s plans to enhance its merchant acquiring presence in additional markets. Continuing to
By Paul Adant, Solutions Architect at Netcash As South Africa’s payment system sunsets cheques and accelerates its move away from cash, consumers and businesses are looking for convenient and simple instruments for bill payments. However, the payments ecosystem has grown more complex over the years, with payments providers and banks offering a dizzying array of
By: Vinod Madhavan, Head of Trade at Standard Bank Group Africa’s policymakers need to ensure that the momentum behind the African Continental Free-trade Area (AfCFTA) is not lost following the trading bloc’s launch in January. This initiative could act a much-needed stimulus for the continent’s economies in the wake of the COVID-19 crisis. Signed in
With international investment in South Africa having drastically reduced, homegrown fintech startup Payflex has scored a significant vote of confidence from an Australian-listed multinational. Payflex is backed by Zip Co Limited (ASX: Z1P), a buy now pay later player with a market cap of over R55 billion. Paul Behrmann, Payflex CEO and founder, says the
31 December 2020 marked the end of Cheques, one of the oldest recognized payment instruments in South Africa. For the Payments Association of South Africa (PASA), the legal and operational structures and constructs that governed Cheques were formally disbanded on 31 March 2021, bringing the end to a grand old payment system. By contrast, several
Hari Chaitanya, Head of Investor Services, Product Management at Standard Bank A year ago, investors finally accepted the gravity of the looming COVID-19 crisis. In March 2020, major equity markets collapsed by almost a third, while safe-haven assets – including US Treasury bonds – came under unprecedented strain. Although markets have since recovered, the crisis
Crossfin Ventures, the angel investment arm of Crossfin Technology Holdings, has announced its investment in Troygold, a South African fintech enabling gold owners to digitise physical gold and use it for day to day transactions via a mobile app and gold-backed Mastercard. Crossfin Ventures chief operating officer Anton Gaylard says they were attracted to Troygold
