Capitec’s High-Volume Immediate Payments rely on Electrum

October 22, 2018

Electrum Payments

Electrum Payments

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Capitec’s High-Volume Immediate Payments rely on Electrum

With great features like Immediate Payments for only R10, it’s no wonder Capitec is South Africans’ favourite bank. Find out how Electrum helps Capitec to provide clients with the ability to make Immediate Payments.

For some South Africans, making a payment from internet banking can involve a wait of two to three business days for the money to clear in the recipient’s account, if that account is with another bank. This lag period is inconvenient, can add unnecessary stress to financial arrangements, and goes counter to the kind of instant effect we now expect from our online experience. With Immediate Payments, Capitec has changed all that, allowing users to make payments that are truly instant.

Capitec clients can now transfer money instantly…

Whether it’s mobile communication or streaming video, we’ve become accustomed to instant digital interactions. But for some time, it’s felt like traditional banking has been lagging behind – so many functions still seem to be tied up in back-room bureaucracy and inconvenient operating hours.

From its inception Capitec has sought to change the banking experience for South Africans. They embrace technology that enables clients to improve their financial lives through a personalised service that’s consistently simple, affordable and easily accessible. Capitec’s Immediate Payments feature is in line with that approach, attracting a transaction fee of only R10 – the lowest in the country. All these transactions – known as real-time clearing (RTC) in the payments industry – are processed through Electrum’s payment switch.

…clients make more RTC payments than any other bank in the country

"Capitec is clearly leading the way in affordable banking" says Electrum MD Dave Glass. “We’re pleased to play such an integral role in this new functionality.” That role includes processing tens of thousands RTC payments through the Electrum switch daily. Clearly the bank’s low fees and the effectiveness of their client mobile app have made Immediate Payments an extremely popular function. Capitec and their clients make more RTC payments than any other bank in the country.

As with the other services Electrum provides Capitec, like USSD banking functionality to over 6 million clients, it’s imperative that RTC is secure, reliable and fast. Electrum’s retail banking API’s are built to provide the agility to support new transaction types and integrate easily with existing systems.

…Immediate Payments is a major drawcard for these new account holders

Capitec clients appreciate the kind of convenience Immediate Payments offers – more than 100,000 new clients open a Capitec account every month, and Immediate Payments is one of the major drawcards for these new account holders.

“It’s satisfying to work with a client like Capitec who’s committed to finding new ways to improve their customers’ lives. RTC at only R10 per transaction represents a significant disruption to the banking industry,” says Dave. “We’re glad be a part of their strategy to make banking simple, accessible and affordable to South Africans.”

If you’d like to discuss how to use Electrum's payments systems to deliver better value for your customers, give us a call.

Electrum Payments

Electrum Payments

Electrum provides transaction processing solutions to banks, retailers, and MNOs, helping them to find better ways to transact. As a vibrant and innovative SaaS company, we deliver industry-leading expertise and technology to solve real problems every day.

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