BankservAfrica provides the following services in this area:
In order to achieve greater levels of efficiency, and to achieve better straight through processing results, customers are able to verify account information using BankservAfrica’s AVS batch service. This allows end users to avoid unnecessary charges for attempting to process payments to non-existent accounts. Confirmation is provided in the form of positive or negative responses.read more...
AVS real-time provides a valuable functionality for merchants and banks alike to verify customer details in real time by way of single item submission to BankservAfrica for verification. This means, for example, that a person completing an online application for vehicle finance will be able to verify details on-line, without holding up the process.read more...
The identity verification service is an affordable, easily accessible service to accountable institutions in order to decrease their KYC risk and exposure by accessing multiple databases to confirm customer FICA requirements. read more...
All clearing and settlement services are complemented by IDE monitoring and management information services (MIS).
BankservAfrica’s value-added IDE (intraday exposure) service was introduced to enable banks’ treasurers to view and manage their banks’ settlement exposures during the day, while payment mechanisms are operating. Before this, treasurers faced the daunting challenge of ensuring their banks had enough funding at the Reserve Bank to settle their interbank payment obligations, which was difficult considering that banking customers make millions of interbank electronic payments every day using a variety of mechanisms.read more...
BankservAfrica in its capacity as an authenticated payment system operator is able to collate information for the South African financial services industry, specifically in respect of transactions cleared by BankservAfrica on behalf of the participating banks. read more...