Times Of Swaziland: UP TO E25K CROSS-BORDER PAYMENTS FOR FNB CLIENTS

UP TO E25K CROSS-BORDER PAYMENTS FOR FNB CLIENTS
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Sabelo Majola on 22/12/2024 14:40:00


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.