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Kathy Gibson reports – First National Bank and Rand Merchant Bank have launched the BankservAfrica TCIB payment network for cross-border payments in collaboration with the Reserve Bank.
“But the benefits extend to creating a network effect for all of South African and regional participants. The FNB launch will have a positive ripple effect on regional financial inclusion and become a strong blueprint to launch digital public infrastructures to solve real-world challenges.” In addition, the ability to make these services available at low cost, while capable of handling high-volume demands, it is an enabling platform, Herbst says.
“The stark reality is that SADC is still regarded as one of them most expensive regions for cross border payments,” Herbst adds. “At the same time, cash is still used in about 50% of transactions in the region. Richard Porter, CEO of FNB and RMB Forex, points out that customers previously had to use electronic funds transfer to make cross-border payments. By adding the TCIB solution, they are now able to facilitate payments faster and more cost-effectively.
And, once other banks come on board the TCIB rails, the scope of the system will be extended, Porter adds.
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