BankservAfrica has developed a bulk electronic transaction processing system for daily clearing and settlement of direct debit orders and direct credit payments. This service is available to businesses, by working through their banks, to enable fast and efficient processing of salaries, account payments and debit orders. Various methods of connectivity to this service, via a bank or directly to BankservAfrica, are offered depending on user capability and volume throughput requirements. EFT is a regulated service and BankservAfrica ensures that clearing rules are adhered to for all processing functions. BankservAfrica has also developed a similar EFT service as a solution for other African countries.
Robust transaction processing: BankservAfrica’s EFT system is robust and boasts various features to ensure that the integrity of EFT services to the banks clients are never compromised.
Same day value processing: Under bank sponsorship, clients can submit transactions during the day for payment at the end of the same day.
Dated value processing: Transactions can be submitted up to 30 days in advance to be validated and warehoused at BankservAfrica for processing on predefined payment dates. This enables companies to submit regular payyments with a spread of payment dates in a single submission.
Risk controls: BankservAfrica hosts a risk control suite of services for EFT, allowing banks to manage the various types of financial exposure risks of clients.
Dispute management: This service enables banks to assist their clients in the resolution and refunding of disputed payments.
Recalls / withdrawals: The BankservAfrica service enables the automated reversal of warehoused credits for clients on approval of their banks in the event of emergencies.
Unpaid transaction processing: In the event where payments cannot be applied to accounts at receiving banks, BankservAfrica enables the automatic reversal of funds between banks with full reconciliation reporting and notification to bank clients.