National Microfinance Bank (NMB), the largest retail bank in Tanzania, has recently signed a deal to implement Xpertek's SFI eVolve Payment Switch. This deal brings Xpertek's total SFI client count in East Africa to 14.
NMB provides access to a full range of financial services to the rural and peri-urban population in Tanzania and has the largest ATM network in the country. It has approximately 116 branches and also offers a cellphone banking service, which is popular with its clients.
Being the largest provider of banking services to the government sector in Tanzania, it required an automated system to process monthly salary payments to government employees.
Previously, NMB used several manual systems for payments, clearing and settlements, which presented a challenge in meeting government's processing deadline of 24 hours. Processing was slow, data integrity was questionable, human error was evident and manual reconciliations between the bank and government increased delays.
Xpertek's SFI Payment Switch will be implemented in 15 days, giving the bank a quick resolution to these problems and a quick turnaround on its investment. The proposed solution consists of two components: SFI eVolve Switch and SFI eVolve Client. The SFI eVolve Switch is the core product in the Electronic Funds Transfer facility and acts as a gateway for multiple types of electronic payments to and from the bank.
The SFI eVolve Client application is Web-based and allows the bank's customers to electronically submit encrypted payment files to the bank for processing. The SFI eVolve Switch is built on open source technology using a fully secured Web-based environment.
Brandon Madgwick, business manager for Xpertek's payments solution, said: “Xpertek's SFI Payment Switch will ensure a secure, automated environment for NMB's bulk payment processing. Processing and reconciling will take far less time, the costs of processing will be reduced and NMB can offer its customers an enhanced and secure service.”
For further information about Xpertek's SFI Payment Switch, kindly contact Brandon Madgwick, Business Manager for SFI on 011 519 3000 or log on at www.xpertek.co.za.
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