Bankserv has introduced messaging for electronic funds transfer (EFT) payments, enabling direct debits and credit transfers to be delivered in message formats aligned to international standards.
In addition to Bankserv's proprietary 180-character EFT record formats used to process payments, the company has introduced a new XML (extensible mark-up language) format – to be known as Extended Funds Transfer Messaging.
Gail Clarke, divisional manager systems development, explains the roll-out of this innovation allows for the company’s proprietary EFT and their new Extended Funds Transfer Message formats to exist simultaneously, with Bankserv translating between formats and allowing banks to implement XML when ready.
“This innovation aligns Bankserv, South Africa’s Automated Clearing House, with global standards and will enable the facilitation of international payments in future.”
Clarke explains extended remittance information is as per ISO recommendations and will benefit users by reducing queries and resulting in fewer disputes.
“The implementation caters for all payment transaction types currently supported by the EFT service. Furthermore the new messaging format incorporates selected data elements for IBAN (international bank account numbers) and ensures FATF (financial action task force) compliance, with South African clearing rules for payments delivered in XML format remaining unchanged.”