The Rapid Payments Programme (RPP) is an initiative by BankservAfrica that requires all South African banks to build simpler, more cost-effective real-time payment functionality into their product offering to accommodate high-volume, low-value transactions.
To do this, three new real-time feature enhancements need to be implemented:
Credit push for real-time payments
Transfer money from accounts at different banks instantly at little to no cost to make digital transactions more accessible and reduce reliance on cash.
Pay by proxy for simpler payments
Reduce complexity in initiating payments by only requiring a simple proxy – like a recipient’s phone number – to pay.
Request-to-pay for faster payments
Help payees initiate payments from payers faster through an easy-to-use notification service.
Work with a technology partner to get RPP solutions to market fast
BankservAfrica has issued an ambitious timeline for banks to get real-time solutions to market by early 2022. Trusted by South Africa’s biggest bank and major retailers, Electrum is well-positioned to help you not only meet this target, but also delight your customers with a stand-out offering:
- Get to market fast with our ready-to-use turnkey solutions
- Build scalable solutions with our agile, cloud native tech stack
- Trust our secure, fully ITIL COBIT PCI-DSS and ISO-27001 certified platform to keep your information safe
Take your real-time payments solution to the next level
On top of the functionality required by the Rapid Payments Programme, our software offers fraud and risk management services, pre-built integrations into core banking systems and other payment streams, interoperable QR payments, back-office tooling, and customer support interfaces.