Traderoot Africa and Oracle Collaborate to Enable TCIB Payment Solution for SADC Financial Services Providers

Traderoot Africa and Oracle Financial Services have created an exciting and unique collaboration in which Traderoot Africa’s Certified TCIB Integration ISO e-Bus and the Oracle Banking Payments TCIB payment processor have been integrated to offer an end to end industry-grade TCIB payments solution.

Financial inclusion of the underbanked and unbanked population is subject to the availability of suitable services and products that are attractive to the financially excluded population. The South African Development Community (SADC) cross border, faster payments solution known as TCIB (Transactions Cleared on an Immediate Basis) supports the SADC Strategy on Financial Inclusion and the acceleration of financial inclusion in all SADC Member States.

We believe that the new TCIB payment capability can enable SADC financial institutions to leverage the attributes of TCIB and offer faster, cost-effective cross-border payment solutions to their current and emerging customer base.

Louis Volschenk, CEO, Traderoot Africa stated:

”We have a strong view that success of financial inclusion in SADC will largely depend on suistainable payments eco-systems and the partnerships that forge, mobilize and sustain these eco-systems.  Our TCIB Integration ISO e-Bus provides the connectivity required by Oracle to extend the Oracle banking platform to enable financial inclusion for their current and future customer base.

Our partnership with Oracle also leads to an exciting new level of collaboration and enablement for payments in Africa and there is real opportunity for clients to derive increased benefit from existing investments.”

Venky Srinivasan, Group VP, Oracle Financial Services said:

“We are delighted to collaborate with Traderoot Africa, which offers unrivalled connectivity into TCIB and other emerging payment systems across Africa, to bring a TCIB-specific payment channel to market. We view TCIB as an important enabler to reduce the cost and delay of low-value cross-border remittances in SADC, which is crucial in offering a new channel for financial services providers to offer a product to include those who have been previously excluded from traditional payment channels.”

Ruhling Herbst, Executive for TCIB at BankservAfrica said:

What makes TCIB different is the flexibility it offers to participants to either extend their business opportunities to new markets or migrate their existing business into an open-loop scheme. TCIB provides the interoperability needed for authorised financial services participants to link up and offer services. This helps to remove the payments fragmentation and gives consumers the benefit of more payments choices. We remain committed to our promise to make low cost remittances available to the broader community and through these working relationships we are enabling the ecosystym to take these services to the consumer who needs this the most.”

Oracle’s TCIB solution forms part of its componentised, fully ISO20022 compliant Oracle Banking Payment offering. It is core banking agnostic and can sit alongside existing payment channels, which means that FSP’s can enable a TCIB payment solution without disrupting existing infrastructure. 

The Sustainable Development Goals (SDG) – – adopted by all United Nations member states drive the primary objectives to protect the planet and improve the lives of everyone. These goals include the eradication of poverty, provision of decent work and economic growth, and the reduction of inequalities. Central to these three goals is the concept of financial inclusion.

Appropriate technology is therefore a key enabler for Financial Institutions to leverage a fully SDG10.c aligned payments infrastructure like TCIB.

TCIB is fundamentally aligned to the SDG.10.c target with the objectives to reduce the transaction costs of remittances below 3% and eliminate remittance corridors with costs higher than 5%.

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