Solution Update | January 2025
Clearing House Payments
Solution Update | January 2025
New services and enhancements for future-fit Clearing House Payments
Electrum’s Clearing House Payments solution now includes AVS-R processing and CDV processing as new services. Additionally, enhancements have been made to support PayShap and EFT reconciliation as well as Electrum’s Account Mirror for inbound proxy resolution processing.
New Services
Banks can access inbound and outbound AVS-R processing with BankservAfrica via modern ISO 20022 rails made available by Electrum.
Processing capabilities include:
Inbound account validation using Electrum’s Account Mirror, minimising the processing burden on the bank’s customer account systems. This Account Mirror stays in sync with the bank’s master account system via a simple integration.
Validation support for both individual accounts and organisational/trust accounts.
Outbound AVS-R initiation via either a synchronous or an asynchronous request from the bank’s channels.
For outbound AVS-R transactions, Electrum validates whether the receiving bank participates in AVS-R before submitting the transaction to the industry, preventing unsuccessful transactions from incurring switch fees.
Informational events publication for all AVS-R transactions are made available to the bank for various purposes such as auditing, customer support, etc.
New Services
Banks can access CDV (Check Digit Verification) processing as a standalone service without requiring processing through BankservAfrica.
CDV processing capability includes
Banking channels requesting CDV for an account number and bank branch combination.
This enables banks to enhance their channel experience by being able to perform CDV on all newly added or updated third-party accounts.
While standalone CDV is BankservAfrica CIM 900-compliant, transactions are processed independently (without BankservAfrica) to avoid incurring switch fees.
Back Office Functionality Update
Full transaction integrity for PayShap and EFT
Banks now have access to two-way reconciliation for all PayShap and EFT transactions, ensuring full transaction integrity.
Reconciliation
Reconciliation using mark-up data that is file- or events-based.
Troubleshooting
Recon results for monitoring and exception handling are available in the Electrum Console.
Transactions
Matched and unmatched reports are available for all BankservAfrica settlement windows.
PayShap Update
Banks can now make use of Electrum’s Account Mirror for inbound proxy resolution processing, minimising the processing burden on the bank’s customer account systems.
This optional overlay can be used by the bank to allow Electrum to process inbound proxy resolution requests on behalf of the bank.
All inbound payments are enriched with proxy-related information needed by the bank for further processing.
The Account Mirror stays in sync with the bank’s master account system via a simple integration.
Coming Soon
Banks can look forward to the next release of Electrum’s Clearing House Payments solution, which is expected to include:
Business insights dashboards for PayShap processing.
Comprehensive operational support guides for the PayShap and EFT services.
Electrum Console dashboards for operational support of EFT and Kibana dashboards for operational support of PayShap.
Reservations and postings to the core banking ledger for PayShap transactions.
