EFT Debit & Credit

Bank-to-Bank Account Transfers

EFT (Electronic Funds Transfer) is a scheme that allows for the processing of payments from one customer bank account to another. The sender (payer) and receiver (payee) bank accounts may be held at the same bank or at different banks.

EFT payment instructions, for both debits and credits, are sent to or received from BankservAfrica grouped in batch files.

Each individual payment must specify an action date that indicates in which sub-service the payment belongs – either same-day, one-day, or two-day:

Same-day, or 'same-day value' (SDV): the payment is actioned against the customer account and settled on the same day as the processing day.
One-day: the payment is actioned against the customer account and settled on the next available processing day.
Two-day, or 'dated': the payment is actioned against the customer account and settled two available processing days after the current processing day.

Ready for the Future? Why Banks Need a Cloud-Native EFT Solution

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Learn about Electrum’s EFT offering

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Use cases built on next-generation technology

Use Case

Banks

Easily modernise your system and adapt to scheme changes

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Use Case

New Banks

Rapidly implement future-fit clearing house payments

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Electrum’s Solution

How Electrum solves for EFT

Our solution eases the burden of all batch-based processing with BankservAfrica so you can process all transactions using the new ISO 20022 messaging protocol.

Inbound and outbound

Processing of inbound andoutbound debit and credittransactions between the bankand BankservAfrica.

Support sub-services

With support for the following sub-services:

Inbound: Same-day, one-day, and two-day debits and credits; recalls, disputes, unpaids, and System Error Correction (SEC).
Outbound: Same-day debits and credits, disputes, unpaids, and SEC.

Specific processing

Detecting the type of sub-service to which a transaction belongs and apply specific processing to it on behalf of the bank’s core banking system.

Electrum’s Solution

Alleviate your processing burden

Management of bulking and debulking of files to and from BankservAfrica for processing of individual messages in the same way as an RPP or RTC payment.

Management of scheme rule application for processing, (such as debits after credits, processing windows, etc.)

CDV processing for all outbound EFT transactions.

Real-time event publication for channel notifications and regulatory reporting.

Trusted Implementation

Existing integration with BankservAfrica

Electrum’s solution comes standard with a single, simplified integration into all payment schemes, allowing you to adopt new services and quickly cater to your customer’s demands. Electrum’s proven integration with BankservAfrica provides access to all NPS-regulated transaction processing.

Electrum’s Solution

Overlay services to bolster your offering

Choose from Electrum’s overlay services, including fraud and risk management services, QR code management, and cash voucher issuing and management.

These are designed to help you meet consumer demands for fast, innovative payment solutions and become an industry leader in the changing ecosystem.

Future Proofing

Keep up with the latest trends

Built with the agility to support new and emerging transaction types, specifically when it comes to handling high-volume, low-value transactions.
Don't let your existing system hold you back!

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