RMB has introduced Urgent Pay, a solution available through the bank’s API channel, providing corporates with access to real-time payments powered by PayShap (and soon other payment rails).
According to the bank, Urgent Pay is available 24/7 and supports a wide range of corporate payment needs, including salary disbursements, claims payouts, refunds, and supplier payments. Recognising the importance of the entire payment value chain, RMB has integrated account verification services (AVS), statements, and real-time notifications into its API offering.
Mpho Mofokeng, head of Transact at RMB, says that by offering these services through APIs, RMB enables seamless integration into clients' business operations, simplifying their experience.
RMB has also expanded its bill presentment solution with PayShap's Request-to-Pay functionality, allowing corporate billers to reach customers banking with any participating bank. This API-enabled solution lets corporates receive payments in real-time or on a delayed basis from clients of other banks across various bank and retail channels, improving payment success for bills, debit order arrears, and purchase payments.
“For our clients, this development means faster, more reliable transactions, which translates into improved cash flow and enhanced customer satisfaction,” says Mofokeng.
Near real-time cross-border payments
RMB has also recently launched the Transactions Cleared on an Immediate Basis (TCIB) payment solution for cross-border transactions within the Common Monetary Area (CMA), which includes South Africa, Namibia, Lesotho, and Eswatini.
Mofokeng explains that TCIB allows RMB clients to make near real-time cross-border payments between RMB accounts across CMA countries, available through host-to-host integration and the RMB Online Banking platform. Key benefits include real-time processing, enhanced security, and 24/7 availability, enabling payments to be processed outside of traditional banking hours, including evenings, weekends, and public holidays.
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