UP TO E25K CROSS-BORDER PAYMENTS FOR FNB CLIENTS

MBABANE – FNB is the first to launch enhanced cross-border payments by partnering with BankservAfrica for its Transactions Cleared on an Immediate Basis (TCIB) system.

This solution will process low-value payments under E25 000 within the Common Monetary Area (CMA) of South Africa, Namibia, Lesotho and Eswatini immediately, everyday throughout the week. The move is part of FNB’s ongoing commitment to enhance its customer offerings while complying with the latest regulatory requirements for cross-border payments.

Payments

Traditionally, the majority of FNB’s cross-border payments within the CMA were processed via EFT, but with the evolving compliance regulation, the need for a more compliant systems became clear. BankservAfrica’s TCIB solution was selected as the ideal replacement, ensuring compliance while enhancing the speed, convenience and security of transactions. The integration of the BankservAfrica platform now allows FNB to offer cross-border payments between FNB accounts in different CMA countries via its Global Payments platform, which is easily accessible via Forex on the FNB app and FNB Online Banking.

The TCIB system is BankservAfrica’s innovative cross-border payment platform that allows for the immediate clearing of transactions. It introduces several added advantages, such as real-time processing, enhanced security and 24/7 processing of payments.FNB Head of Payments Zilindile Friedman said the transition to TCIB was an important step for them. “Our clients will experience a seamless, automated process for cross- border payments that feels almost identical to the EFT process they are familiar with, but offers significant improvements, including immediate payment clearance and high security features,” she said.

Benefits

One of the standout benefits of the TCIB system is the speed of transactions and the lack of restrictions on time of use. Payments from FNB to FNB can now be processed in near real-time, even outside of traditional banking hours, including evenings, weekends, and public holidays.Over the upcoming months, the bank plans to introduce a system enhancement that will incorporate an automatic beneficiary account verification process, which occurs as soon as beneficiary details are entered. This added layer of security will ensure that all payments are sent to valid accounts, reducing the risk of fraud and errors.

“Over the years, we have made sizeable investments into constantly integrating advanced technology into our platform-based business which has allowed us to transform the Forex landscape and, more importantly, the cross-border payments experience of all our individual and business clients.

Solutions

With solutions such as TCIB being added to our array of cross-border payment solutions, we have widened our offerings to ensure that we provide our clients with a variety of valuable solutions for their individual and commercial needs,” adds Friedman.As the leading automated clearing house in Africa, BankservAfrica has played a pivotal role in developing the TCIB Cross-Border Payment Scheme for the Southern African Development Community (SADC) region.Launched in 2021, TCIB was designed to simplify cross-border digital P2P payments, reduce remittance costs and support activity. Its growing network now spans several countries in the region, including South Africa, Zambia, Namibia and Zimbabwe, with further expansion plans on the horizon.

Organisations

The adoption of TCIB by FNB aligns with the shared goals of both organisations to promote financial inclusion and increase access to financial services across Southern Africa. By enabling low-cost, immediate payments across borders, TCIB fosters greater economic participation between SADC countries for activities such as remittances or similar day-to-day transactions. The partnership between FNB and BankservAfrica marks a new era of efficient and inclusive financial services in the region. With TCIB’s ability to process peer-to-peer remittances, it is set to become the preferred cross-border payment service in the CMAand potentially, across the broader African continent.

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