Payment system modernisation in Zimbabwe

Payment system modernisation in Zimbabwe

Finteq Africa the system provider for the new  ISO 20022 EFT Clearing House solution deployed in Harare, Zimbabwe at Zimswitch is proud to announce the recent go-live of the system. It brings the globally accepted ISO 20022 EFT payment standards to the Zimbabwe payments landscape, and offers a  modern  interoperable payment clearing and settlement system for banks and fintech’s.  

The system, deployed by Finteq Africa is operated by Zimswitch using brand name ZEEPAY. The FCH(Finteq Clearing House) introduces an efficient and secure credit push payment clearing and settlement stream, available to financial institutions, including non-banks, in accordance with local regulations. It will be followed shortly by the below additional payment streams:

  • EFT Debit – a comprehensive modern intra and inter-day request for credit system with tracking facility to ensure higher probability of collections over a period of time.
  • RTC Credit  – real time credit push payments, where funds move from one account to another in a few seconds.

The Finteq Clearing House system provides for clearing and settlement between financial institutions of bulk transactions, such as salary and corporate payments, collection files from corporate’s and single credits for personal or business transactions. Via batch streams, the highly efficient solution is capable of providing intra-day transaction finality, depending on industry requirements and regulation, resulting in funds arriving in a beneficiaries account within hours of the transaction being initiated. This an effective mechanism for increasing the velocity of value exchange within an economy and thereby helping to accelerate domestic economic activity. Corporate, small enterprise and individuals will all see benefits from improved liquidity.

It supports all of the principles of a modern day open and interoperable payment system, in that it has good security, transparency (eliminating risks of a ‘grey’ economy), is convenient, reduces costs to clear transactions between participants, enables Straight Through Processing, allows for remote transacting, and most importantly facilitates faster payment.

Finteq Africa is proud to be associated with Zimswitch in bringing this landmark innovation to Zimbabwe, and being a part of future-proofing the Zimbabwe payments landscape!