ALL-TIME HIGHS FOR ELECTRONIC PAYMENTS
BankservAfrica has set a new record on EFT payments by processing over 100-million EFT credit payments in October. EFT credit payments are lower-value credit payments made by consumers, businesses and government.
“The total of 101-million transactions – six million more than in September – represents a major milestone in the history of BankservAfrica’s processing of interbank EFT credit payments,” says Martin Grunewald, chief business officer at BankservAfrica.
A further milestone was achieved in the Real-time Clearing Service where the 20-million transaction mark was exceeded for the first time during the month of October.
In the same month, 103-million debit card transactions were processed, surpassing the 100-million monthly transactions mark for the first time.
“These electronic payments have ensured a secure and seamless payments experience for many consumers and businesses, demonstrating BankservAfrica’s capabilities and experience for an always-on payments service that is responsive to the growing demand of electronic payments in South Africa,” says Grunewald.
BankservAfrica celebrated half a century as a trusted partner to the banking industry in June 2022. The organisation continues to play a crucial role in enabling simplicity and interoperability, processing billions of trusted interbank payment transactions – valued in trillions of rands – per year, while maintaining the safety and security of South Africa’s National Payments System.