Payment revolution on the horizon
The new payment solution will result in a major enhancement to the National Payment System (NPS) for Electronic Fund Transfers (EFT) and impact all stakeholders directly or indirectly utilising or using this service.
The Payments Association of Namibia (PAN), in partnership with the local banking and payment service providers will be introducing a brand new solution called NamPay.
Speaking at the launch, the chief operating officer of PAN, Annette Rathenam, said the association, in collaboration with the banking and non-banking industry are in the process of phasing out cheques as a payment method by the 30 June 2019 in the pursuit to cater for electronic payment instruments only.
The new payment solution will result in a major enhancement to the National Payment System (NPS) for Electronic Fund Transfers (EFT) and impact all stakeholders directly or indirectly utilising or using this service. This has been driven by a legislative need, for a greater efficiency in the processing of payments in the NPS.
“The existing EFT system managed by Namclear and the domestic banks will be replaced by a state-of-the-art, internationally recognised messaging standard (ISO-20022) solution that introduces greater efficiency, safety and effective control of the domestic EFT component of the NPS,” Rathenam said.
“NamPay presents an incredible opportunity for the Namibia NPS to be among the most technologically advanced on the continent.
“It will not only bring Namibia into the mainstream of the digitisation of national payments systems, but will add considerable value to all users of the NPS, and ultimately the Namibian public,” she continued.
Streams
According to Rathenam, the solution will comprise of three new payment streams across debit orders, credit payment transfers and near-to-real-time credit payment transfers that will transform all EFT processing in Namibia.
“Given the impact that NamPay will have on Namibia as a whole, all banking consumers will be transitioned from using the existing system to the new processing standard over the course of 18 months from the date of implementation, Rathenam said.
PAN is not in a position to provide further details with regard to the migration of customers, she added.
PAN is the NPS’ self-regulatory body and promotes a co-operative environment to drive payment system policy development and self-regulation among its members and stakeholders.
PAN members and service providers work together to maintain and deliver an efficient world-class national payment system that meets domestic, regional and international requirements.
Speaking at the launch, the chief operating officer of PAN, Annette Rathenam, said the association, in collaboration with the banking and non-banking industry are in the process of phasing out cheques as a payment method by the 30 June 2019 in the pursuit to cater for electronic payment instruments only.
The new payment solution will result in a major enhancement to the National Payment System (NPS) for Electronic Fund Transfers (EFT) and impact all stakeholders directly or indirectly utilising or using this service. This has been driven by a legislative need, for a greater efficiency in the processing of payments in the NPS.
“The existing EFT system managed by Namclear and the domestic banks will be replaced by a state-of-the-art, internationally recognised messaging standard (ISO-20022) solution that introduces greater efficiency, safety and effective control of the domestic EFT component of the NPS,” Rathenam said.
“NamPay presents an incredible opportunity for the Namibia NPS to be among the most technologically advanced on the continent.
“It will not only bring Namibia into the mainstream of the digitisation of national payments systems, but will add considerable value to all users of the NPS, and ultimately the Namibian public,” she continued.
Streams
According to Rathenam, the solution will comprise of three new payment streams across debit orders, credit payment transfers and near-to-real-time credit payment transfers that will transform all EFT processing in Namibia.
“Given the impact that NamPay will have on Namibia as a whole, all banking consumers will be transitioned from using the existing system to the new processing standard over the course of 18 months from the date of implementation, Rathenam said.
PAN is not in a position to provide further details with regard to the migration of customers, she added.
PAN is the NPS’ self-regulatory body and promotes a co-operative environment to drive payment system policy development and self-regulation among its members and stakeholders.
PAN members and service providers work together to maintain and deliver an efficient world-class national payment system that meets domestic, regional and international requirements.
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