The most urgent and relevant challenge facing the digital banking sector today is the roll-out, adoption and implementation of new standards.
You’ve heard of EFT payments, but you’re still unsure of what exactly they are or why they matter? Perhaps you’re looking for a more efficient way to manage payments? If you want to know all about EFT’s then, read on as we list all of the information you need to understand what exactly EFT payments are and give you the confidence to start using them.
As most industries move closer and closer to digital transformation, there are even more compelling reasons as to why banks need to migrate to digital payments sooner rather than later.
While front-end systems may have improved in leaps and bounds in recent years, in many cases, back-end processing of transactions is still bound by legacy systems and many financial institutions are investigating or undergoing payments system modernization.
Finteq Africa is proud to announce the recent go-live of their flagship product, FCH. This is an ISO 20022 EFT Clearing House solution, deployed into the Zimbabwe financial industry through the National Switch, Zimswitch.
You do not have to look far to find information on how legacy systems are letting banks down. Research by Fraedom found that almost half (46%) of bankers perceive legacy systems to be the biggest barriers to the growth of commercial banks.