As we start off the new year our Payments Product Manager, Rinske van der Bijl, has summarised some of the most significant updates for Electrum’s Payments offerings. Notably, this includes additions to our Clearing House Payments services and Business Partner Payments solution.
Dear Electrum Payments Community,
It gives me great pleasure to start 2024 with the announcement that we have completed the development and testing for key services in the regulated, inter-bank payments space.
Clearing House Payments services ready for implementation
Our Rapid Payments Programme (RPP) and Real-Time Clearing (RTC) solutions have undergone rigorous testing and are now primed for implementation, boasting ISO 20022 integrations with BankservAfrica and a host of features. Additionally, our payment service offerings will continue to expand, with releases expected soon for EFT (Debits and Credits), Account Verification Services (AVS), and Authenticated Collections (AC).
Fully functional RTC and RPP processing for banks
Business Partner Payments
Our new Business Partner Payments solution stands ready to facilitate Business Banking by opening up a bank’s RPP processing rail to corporates, with more rails to be supported imminently. This solution provides a protective integration layer for the bank’s core processing systems while empowering business partners to swiftly enter the market.
Businesses can iteratively build and expand their payments capabilities through a single, developer-friendly API supporting various payment streams. We provide comprehensive support, including full reconciliation and reporting functionality, to each business partner.
Inbound RPP is now ready for bank business partners
Breaking ground in the National Payment System
While Electrum has a rich history in processing transactions in the Digital Goods and Services and Money Transfer spaces, the official launch of our Clearing House Payments solutions marks an exciting milestone. This achievement aligns perfectly with the current zeitgeist in South Africa’s payments landscape which is highly energised around modernisation, as reflected in industry conversations, workshops, conferences, and budgeting initiatives throughout the industry.
At Electrum, we are actively engaged in this dynamic landscape, particularly around the implementation of modern rails like the RPP, the migration of processing solutions to the cloud, and the evolution from bank legacy systems to efficient, future-ready platforms.
As an authorised System Operator (SO) with PASA, our goal is very clear: To empower banks with cloud-based technology for high-volume, low-value payments processing using modern technology that is trustworthy, efficient, scalable, and market ready.
Our ethos is to ensure that we understand our customers’ specific use cases, pain points, and needs. This we achieve through strong relationships and regular in-person visits in order to craft solutions that are robust in design yet adaptable to individual requirements.
Looking ahead
Our journey continues, and we are excited about the path ahead. We are diligently working on building more payment services and we eagerly anticipate discussing these developments with you. Stay tuned for future updates, and if you wish to engage with us, please reach out - your feedback is invaluable to us.
Thank you for being a part of our journey.
Yours in Modernised Payments,
Rinske and the Electrum Team
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