BNA launches real-time instant transfer system

BNA launches real-time instant transfer system
BNA launches real-time instant transfer system

Africa-Press – Angola. The National Bank of Angola (BNA) plans to implement, in 2023, the Instant Transfer System (STI), which will allow payments in real time, according to the director of the Department of Payment Systems at Luanda, said yesterday in Luanda Institution.

Cristina Caniço addressed, on Tuesday, the “Angola Payments System, trends and perspectives”, in a seminar with journalists.

On the occasion, he highlighted that the infrastructure called “IST”, whose brand name is “KUIK”, is a system similar to the “Multicaixa PIX”, which will be able to work in all networks and applications of payment processes.

In this way, said Cristina Caniço, “STI” will ensure that operations carried out by mobile payment services are cleared and executed in real time.

In an experimental phase, he explained, the system is currently in operation and the BNA is waiting for more actors to be involved in order to guarantee that it works in full, carrying out processes in real time on mobile payment accounts, no more than 30 seconds, for the change to be settled and made available in the end customer’s or user’s account.

With this process, explained Cristina Caniço, the BNA intends to create a system similar to the “multicaixa card”, which no matter which bank it belongs to, the citizen can carry out transactions and withdrawals at any ATM.

What differs from this process, he pointed out, is that in the Instant Transfer System the amount will drop instantly, which does not happen with many transactions made from different banks to another, as the money arrives in the account within 24 or even 48 hours after the operation. .

Miscellaneous transactions
The same happens with several applications such as Unitel Money, e-Kwanza, Benix, systems that are still closed, because transactions cannot be carried out from one application to the other. This differs from the STI, which will be more open and allow the framework of all existing payment systems and applications in the Angolan financial market.

“BNA intends with the STI to respond to the concern of payments in real time, including mobile payments”, he guaranteed. Cristina Caniço stressed, on the other hand, that the “KUIK” system will bring convenience and speed without the citizen going to the ATM, and without opening the Internet banking.

With this system, he reinforced in the details, here we have the operator with unfulfilled rules, the service provider, and the BNA, the latter which will also create measures to induce changes to guarantee the normal operation of the service. Although systems such as Unitel Money, BAI Directo, e-Kwanza already exist, there needs to be more such as the Africel network, which the central regulator also wants to see in this process as ways to speed up access to services.

“Payment systems exist to guarantee interbank, inter-service transfers, including the clearing and settlement system”, acknowledged Cristina Caniço, who guaranteed, in addition to the “STI”, the BNA also has the perspective, in the next five years, of implementation of systems, Open Banking, Virtual Assets and Stable Coins, and Central Bank Digital Currency (CDBC).

Financial Inclusion
The Instant Transfer Systems process can reach the most remote areas of the country, from municipalities and communes, where there is still no bank and infrastructure such as electricity and Internet.

According to Cristina Caniço, in this system, the BNA will also guarantee “Financial Inclusion”, to all citizens who do not have digital mobile phones and Android.

For those who do not have this type of telephone, the director of the Payment Systems department explained that the target audience will be able to process through “USSD” massages, a process that has already been done previously, with balance top-ups, including the asterisk (*), pound code (#) and others.

The Payments System represents a set of rules, procedures and instruments, which allows the transfer of funds between participating institutions, cooperating institutions and the entity that operates the central mechanism.

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