The biggest challenge to the SADC cross-border payments initiative is ensuring that all banks participate in the system.
What are the main complications?
All transactions and message transmission formats are required to be developed in compliance with the ISO 20022 message protocol as prescribed by the SADC Banking Association.
All SADC Member Banks participating in the new credit payment service will have to develop the necessary capacity to originate and receive transactions according to the rules defined by the SADC Banking Association.
To reduce barriers to entry for the banks, Finteq has developed a solution called the Finteq Payment Gateway – SADC which enables Bank participation in the SADC payment service with minimal modification and disruption of core processing infrastructure. This significantly reduces costs for banks to participate in the Service.
The solution has been developed to resolve 3 major requirements:
• Message Origination and Handling
• Service Administration
The Finteq Payment Gateway – SADC Solution for cross-border payments has two major components.
- A capture module that enables the controlled input of payment data as required by the Regulator
- A universal gateway module which ensures the control and compliance of messages and/or files transmitted between participating parties within the SADC cross-border payment region.