{"id":43755,"date":"2023-04-27T16:29:28","date_gmt":"2023-04-27T16:29:28","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/new-payment-system-set-for-banking-industry"},"modified":"2023-04-27T16:59:34","modified_gmt":"2023-04-27T16:59:34","slug":"new-payment-system-set-for-banking-industry","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/new-payment-system-set-for-banking-industry","title":{"rendered":"New payment system set for banking industry"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>The banking sector in southern Africa will soon be rolling out changes to how clients make and receive payments between Namibia, Eswatini, Lesotho and South Africa \u2013 also known as the Common Monetary Area.<\/p>\n

This change is necessary because of new regulations set by the treatment of cross-border payments to which all banks need to comply. FNB and RMB Namibia will switch to the new system, effective 11 June 2023.<\/p>\n

With this change, all cross-border electronic funds transfer (EFT) payments processed and received by clients within the CMA will no longer be viewed as domestic payment methods.<\/p>\n

All cross-border payments to an individual or a business in the CMA should instead be initiated as a forex transaction\/global payment on the FNB App and FNB Online Banking.<\/p>\n

According to FNB Namibia payments manager Albert Matongela, when making cross-border payments from FNB Namibia to other CMA countries (South Africa, Lesotho and Eswatini), clients will need to capture and process payments on the forex tab within the existing online banking platform or the forex tab within the FNB App, which can be found on the in-app menu.<\/p>\n

\u201cOnce the change has been effected, clients still trying to use the domestic payment route will receive an error message when processing a cross-border EFT payment. This error will inform clients that they cannot proceed with the payment. In this instance, clients are advised to delete existing EFT cross-border recipients from their current EFT beneficiary list, including EFT folders and EFT bulk payment files.<\/p>\n

\u201cClients will need to reload all saved beneficiaries as a global payment beneficiary and input all the necessary information, such as the name of the bank, branch, Swift code, payment receiver\u2019s physical address and reason for the payment. Additionally, online banking enterprise (OBE) clients will require channel limits and permissions to be set for individuals capturing and authorising global payments\u201d Matongela explained.<\/p>\n

He further explained that global payments can only be made from a transactional account and not a credit card.<\/p>\n

\u201cBeneficiaries of cross-border payments will also be required to provide balance of payments (BOP) information to their bank before the release of the funds into their account,\u201d he said.<\/p>\n

Matongela noted the payment changes are in line with modernisation in the financial sector at national and regional levels.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. The banking sector in southern Africa will soon be rolling out changes to how clients make and receive payments between Namibia, Eswatini, Lesotho and South Africa \u2013 also known as the Common Monetary Area. This change is necessary because of new regulations set by the treatment of cross-border payments to which all […]<\/p>\n","protected":false},"author":84,"featured_media":43754,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7],"tags":[234,236,233],"class_list":["post-43755","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nNew payment system set for banking industry - Namibia<\/title>\n<meta name=\"description\" content=\"The banking sector in southern Africa will soon be rolling out changes to how clients make and receive payments between ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/new-payment-system-set-for-banking-industry\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New payment system set for banking industry\" \/>\n<meta property=\"og:description\" content=\"The banking sector in southern Africa will soon be rolling out changes to how clients make and receive payments between ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/new-payment-system-set-for-banking-industry\" \/>\n<meta property=\"og:site_name\" content=\"Namibia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-27T16:29:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-27T16:59:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/04\/postQueueImg_1682596781.13.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"479\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/new-payment-system-set-for-banking-industry#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/new-payment-system-set-for-banking-industry\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"New payment system set for banking industry\",\"datePublished\":\"2023-04-27T16:29:28+00:00\",\"dateModified\":\"2023-04-27T16:59:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/new-payment-system-set-for-banking-industry\"},\"wordCount\":395,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/new-payment-system-set-for-banking-industry#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/04\/postQueueImg_1682596781.13.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"namibia\"],\"articleSection\":[\"all news\",\"economy\",\"head lines\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/new-payment-system-set-for-banking-industry#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/new-payment-system-set-for-banking-industry\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/new-payment-system-set-for-banking-industry\",\"name\":\"New payment system set for banking industry - 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