FNB launches first instant cross-border payment solution in SADC

First National Bank (FNB) has become the first financial institution in the country to introduce an enhanced cross-border payment solution.

The bank will utilise BankservAfrica’s Transactions Cleared on an Immediate Basis (TCIB) solution.

This was confirmed by a media statement on Monday.

“This innovative service enables quick, secure and low-cost cross-border payments across southern African countries, offering individuals and businesses alike a more efficient way to send and receive funds within the region,” the statement read.

According to the statement, the service represents a significant advancement in financial inclusion and accessibility for Namibia and the Southern African Development Community (SADC) region.

The service is part of FNB’s ongoing commitment to enhance its customer offerings while complying with the latest regulatory requirements for cross-border payments within the Common Monetary Area of South Africa, Namibia, Lesotho and eSwatini.

Through its implementation, the bank now enables near real-time payments, reducing the barriers to cross-border financial transactions, promoting regional trade and economic growth.

The statement says standout benefits of the TCIB system is the speed of transactions and the lack of restrictions on time of use giving customers a substantial advantage over the previous system.

“By enabling more affordable transactions, FNB Namibia and BankservAfrica are helping to foster economic growth and trade within the region,” the statement read.

RMB Namibia head of global markets Ian Erlank says the convenience and speed at which customers make cross-border transactions was of utmost importance.

“Our clients will experience a seamless, automated process for cross-border payments that feels almost identical to the EFT process they are familiar with, but offers significant improvements, including immediate payment clearance, low costs and high security features,” says FNB South Africa Forex chief executive Richard Porter.

“We are pleased to partner with FNB and take the lead in introducing this innovative solution to the market. This represents a significant milestone in TCIB’s journey towards ensuring equal access to cross-border payments and promoting inclusive payments throughout the region and the wider SADC community,” Africa Business Development at BankservAfrica executive head Ruhling Herbst says.