The South African Reserve Bank is working on a new Rapid Payments Programme (RPP) which is set to significantly shake-up payments in South Africa.
The South African Reserve Bank is working on a new Rapid Payments Programme which is set to significantly shake up payments in South Africa.
“This RPP, when fully implemented, will offer a cost-effective instant payment service across banks, a proxy service to embed user banking details, a request to pay service, as well as support for several known retail payment use cases,” the Reserve Bank said. The SARB noted that BankServAfrica is working with several bank participants to build the technology solution that forms the backbone of the RPP solution. It is currently in the testing phase with its implementation planned for the second half of 2022., BankservAfrica chief executive Jan Pilbauer said the new system means customers will soon not need a bank account number or a branch code to transfer money.
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