New ACH goes live in Zimbabwe

This is an ISO 20022 EFT Clearing House solution, deployed into the Zimbabwe financial industry through the National Switch, Zimswitch. The Finteq ISO 20022 EFT ACH subscribes to globally accepted and promoted payment processing standards, helping African countries to step boldly and proudly into one of the most modern EFT processing environments available.

Owned and operated by Zimswitch under the brand name ZEEPAY this system initially introduces a highly efficient, highly secure batch-based credit push payment clearing and settlement stream. It is available to financial institutions, including non-banks, in accordance with local regulations. The highly efficient system provides for bulk input of transactions, such as salary and corporate payments, as well as single transactions for individual purchases or business transactions. Even in batch mode the highly efficient system is capable of providing intra-day transaction finality, resulting in funds arriving in a beneficiaries account within hours of the transaction being initiated. This a highly effective mechanism for increasing the velocity of value exchange within an economy and thereby helping to accelerate domestic economic activity. Corporate, small enterprise and individuals will all see benefits from the system.

Zimswitch has plans to rapidly introduce the next phases of the local Payments Modernisation process via the debit (request for credit) component of the solution as well as the real-time credit component, following the successful implementation of the credit system, currently in initial pilot phase.

Finteq Arica is both honored and proud to have this opportunity to help Zimswitch in bringing this landmark innovation to Zimbabwe!