The Transactions Cleared on an Immediate Basis or TCIB system processes low-value cross-border payments between citizens and businesses.
This payment system facilitates instant payments between customers in different countries.The time it takes for money to go from one account to another is not just a pain, it pushes people away from more modern solutions because they can’t compete with the immediacy of cash.. This local service allows for instant payments between local banks for a fee and now the organisation is bringing that functionality to cross-border payments.
The system was developed following consultation with business owners, central banks, regulators and fintech companies. The first bank that will rollout support for TCIB in South Africa is FNB. The marquee feature here is that payments between FNB customers in different geographies can be completed in 60 seconds.
Launched in 2021, TCIB was designed to simplify cross-border digital payments, reduce remittance costs and support activity for the benefit of economies. Its growing network now spans several countries in the region, South Africa, Zambia, Namibia and Zimbabwe, with further expansion plans on the horizon.
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