Business Day

Standard Bank extends PayShap to corporates

- Kabelo Khumalo Companies Editor khumalok@businessli­ve.co.za

Standard Bank has leveraged the success of PayShap with retail clients since its launch in SA just more than a year ago by launching a replica platform for its corporate clients to enable them to conduct instant payments.

Africa’s largest bank by assets has launched a platform called corporate Rapid Payment Platform, which enables PayShap.

“Big Blue ”— as the Sim Tshabalala-led lender is referred to due to the size of its balance sheet — said the platform gives businesses the ability to receive and pay out money instantly and enables them to on-board suppliers quickly.

This is because the service is not limited to full banking account details but can accept proxies as well.

Stuart McDermid, executive head: product solutions at Standard Bank, said the platform makes it possible for businesses to improve efficienci­es by reducing the time and resources required for cash handling, managing reconcilia­tion and risk.

“The new Rapid Payments Platform offers an exciting alternativ­e to the traditiona­l payment mechanisms of cards and physical cash, which either have high costs or risks attached to them,” said McDermid.

BankservAf­rica’s PayShap data shows the service has been well received by retail clients in SA since its launch, with more than 14-million transactio­ns and a settlement value in excess of R9bn between March 2023 and February 2024 .

PayShap was launched initially with Absa, First National Bank, Nedbank and Standard Bank. The participan­ts have since grown to include Capitec, Discovery Bank, Sasfin and TymeBank. African Bank is also expected to take up the product.

BankservAf­rica said in March that PayShap will in the next few months launch a new feature, Request-to-Pay (RtP). It said that RtP will open the PayShap service to small business owners and merchants for the real-time, digital purchase of goods and services,

Nthabiseng Mohale, manager interbank and regulator forums at Standard Bank, said the Rapid Payments Platform allows businesses to broaden their access and services to the unbanked and underbanke­d in remote or rural areas.

“New services like this are becoming increasing­ly important to help SA reduce cash, become more efficient and align with the global standards.

“According to recent media reports, the plans and execution of these new technologi­es by the banking industry will ensure that the SA Reserve Bank’s Vision 2025 is achieved,” said Mohale

“In developing this solution, we partnered with our clients over the past two years to bring them a solution that they wanted and needed. Following on from this, clients can test and learn before signing up to the facility.”

 ?? /Reuters ?? Big Blue: Standard Bank enables businesses to receive and pay out money instantly.
/Reuters Big Blue: Standard Bank enables businesses to receive and pay out money instantly.

Newspapers in English

Newspapers from South Africa