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
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
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
Standard Bank is leveraging its digital capabilities to create superior digital platforms that enhance customer experience and enable easy and affordable access to banking services. As part of this, the bank has launched several innovative and digital firsts. This week Standard Bank introduces a R4.95p/m bank account called MyMo that customers can open on their
Following the release of the ‘Consultation paper on selected interest rate benchmarks in South Africa‘ (Consultation Paper), the South African Reserve Bank (SARB) embarked on a public consultation process to solicit input on the reform proposals contained in the Consultation Paper. The public consultation period ran for three months from 30 August 2018 to 30
The Ombudsman for Banking Services (OBS) has released its Annual Report highlighting some interesting statistics for its operations for 2018. Key highlights for the year are: 7307 cases were closed – 12% more than in 2017 and an increase of 40% over the last two years ATM fraud complaints dropped by 4% from 18% to
A consortium led by Apis Growth Fund I, a private equity fund managed by Apis Partners LLP, and Crossfin Technology Holdings, a fintech investment company announced today the acquisition of Sureswipe (Pty) Limited and the formation of Crossfin Transactional Solutions, South Africa’s largest independent payments and merchant acquiring solutions platform The acquisition of Sureswipe complements
The seasonally adjusted Absa Purchasing Managers’ Index (PMI) rose by 2.2 points to reach 47.2 index points in April. This was the first increase after three months of declines in the headline PMI. However, the PMI remains below the neutral 50-point mark and is more or less in line with the average recorded in the
The purpose of this communiqué is to announce the adjusted interchange rates for automated teller machines (ATMs). The South African Reserve Bank (SARB) annually reviews interchange rates for transactions emanating from the ATMs, cards and point-of-sale devices. In 2018, the SARB decided to keep the interchange rates for cards and cashback at point-of-sale devices unchanged.
