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.
All input to BankservAfrica for the account verification service is via batch files submitted through electronic transmission (AXS / message way, FTP or any other approved means of transmission). BankservAfrica in addition can accommodate AVS requests from bank-sponsored clients submitted via any of the approved electronic trans-mission systems.
Verification of account and ID information supplied by clients: Receive and process request files up to 50 000 transactions per file, to reduce the risk of fraud and rejection of financial transactions with incorrect bank account information.
Banks always receive a response: Originating bank always receives a “successful” or “not successful” transaction confirmation message. Some fields are currently unable to be verified by banks.
Non financial verification: Reduce the risk of fraud and rejection of financial transactions, due to account detail errors by verifying customer bank account details.
Interbank bilateral billing: BankservAfrica reduces the complexity for the banks by handling interbank bilateral billing on behalf of the banks by the 4th business day of the month.
Service level agreements: Issuing banks respond within 1 hour enabling reliable service to clients.
MIS service and reports: MIS is available via the BankservAfrica web information service (WIS) where management information can be accessed daily.
Batch processing 06h00 to 16h00 six days a week: Infrastructure efficiency promises high reliability and system availability.
Participating members – various banks: Broad based industry participation due to a high percentage of accounts verified.