FNB has joined forces with BankServeAfrica have partnered to offer its Transactions Cleared on an Immediate Basis (TCIB) system.

The payment solution will process low value payments within the Common Monetary Area (CMA) of South Africa, Namibia, Lesotho and eSwatini immediately, says the bank, which offers real-time processing and enhanced security, 24/7.

FNB’s cross-border payments within the CMA were processed by EFT and due to evolving compliance regulations, the TCIB system was chosen as a replacement it says, to ‘ensure compliance while enhancing the speed, convenience, and security of transactions’.

The solution is now accessible on the FNB App and FNB Online Banking under the Global Payments tab.

Richard Porter, CEO of Forex at FNB says the transition to TCIB was an important step for them. “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.”

The bank adds that the one of the standout benefits of the TCIB system is the speed of transactions and the lack of restrictions on time of use. “Payments can now be processed in near real-time, even outside traditional banking hours, including evenings, weekends and public holidays. This level of convenience provides a substantial advantage over the previous EFT system, which was limited to standard banking hours.”

“Over the upcoming months the bank plans to introduce a system enhancement that will incorporate an automatic beneficiary account verification process, which occurs as soon as beneficiary details are entered, at no extra cost to the client. This added layer of security will ensure that all payments are sent to valid accounts, reducing the risk of fraud and errors.”

Launched in 2021, TCIB was created to make cross-border digital P2P payments easier, lower remittance costs, and stimulate economic activity. The network has since expanded across multiple countries in the region, including South Africa, Zambia, Namibia, and Zimbabwe, with further growth planned for the future.