MTS 2. SIMPLIFYING. OUR WORLDS. BankservAfrica is the trusted partner to the
South African ... and the South African Reserve Bank, within whose regulatory.
Money transfer solution Easy, reliable money transfers
Simplifying our worlds BankservAfrica is the trusted partner to the South African financial services industry, with over 40 years of experience, development and innovation designed to create value for its clients. We are South Africa’s industry leader, with world-class systems, technology, infrastructure and resources, and offer a wide range of highly sophisticated products and solutions for the payments industry.
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Our impeccable record, ability to handle high-volume transactions, and our meticulous methods of governance and compliance have strengthened relationships with organisations we serve, and with the Payment Association of South Africa and the South African Reserve Bank, within whose regulatory environment we operate. In the many-faceted complexity of the financial worlds that make up the modern economic universe, we strive to provide consistent, dependable and client-centric service through efficiency, focus, dedication and innovation, with the ultimate aim of reducing the complex and maximising potential by simplifying our worlds.
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Fast and secure • Do you want to enable your customers
to send money easily and conveniently? • Do you want to offer your customers the
ability to send money at a minimal cost? • Do you want to give your customers the
convenience of being able to access cash after hours through your late shopping opening hours? Money transfer solutions (MTS) provide a fast and secure means of sending money – allowing for the transfer of cash between two individuals in possession of a South African ID, without the need for a bank account.
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Overview Money transfer is a means of transferring funds to individuals using retail networks. Retailers are appointed to act as agents on behalf of their sponsoring bank. By law, only approved and appointed retailers can offer money transfer. This convenient solution allows senders and receivers to utilise their closest retail store to transfer or collect cash.
Benefits The system’s functionally caters for all front-ends such as mobiles, integrated point-of-sale devices (POS), stand-alone POS and PCs. The solution offers both a closed or open loop money transfer option.
limit of R25 000 per sender and receiver, over a 30 day time period, with a daily limit per sender or receiver of R5 000. MTS can be customised for individual company requirements and enabled to pay out from POS lanes or dedicated kiosk zones within a retailer. The money transfer is near real-time and ensures funds are available immediately for the recipient. The retailer enters into a sponsoring bank relationship with a deposit-taking institution in South Africa. The SMS service sends a reference number and PIN directly to the sender’s cell phone number.
MTS enables for customer registration, money transfer origination, money transfer collection and system queries. This generic solution moves cash between individuals at a minimal fee. There is a
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How MTS works First time users who want to make use of MTS will be required to do a once-off registration in-store, as per FICA requirements. This customer registration enables a customer to initiate a future money transfer by simply presenting their identity document for verification. Upon registration, the customer can immediately send or withdraw funds. Safety is ensured with a system or customer generated PIN, which the recipient would need to collect their cash. If the SMS option is used, the sender can forward the SMS containing the encrypted reference number and PIN to the intended recipient. To withdraw the money, the recipient simply goes to the store of their choice and provides the reference number to the cashier and inputs the PIN in order to receive their funds. The sender pays the transaction fee. Reconciliation and settlement is facilitated by BankservAfrica. The retailer’s sponsoring bank holds a trust account in the retailer’s name.
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The MTS solution is user friendly and easy for customers and operators to use.
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MTS high-level overview 1
2
Completes registration and FICA process
Sender pays MTS fee and money is deposited
Sender receives ref # and PIN
3 Sender passes on the ref # and PIN to the recipient
5 Recipient receives funds from retailer
4 Recipient gives cashier the ref # and captures PIN
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deposit process FICA process completed
Captures sender’s details and R amount
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collection process 1
2
Sender passes on MTS info to recipient, by any means e.g. SMS
Recipient then presents ID and reference number and PIN
3 Process withdrawal
4 Collect funds
cash
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Contact details Joanne Greenberg
[email protected] +27 (0) 10 595 1527 +27 (0) 71 680 3376 Street address 288 Kent Avenue Corner Harley Street Randburg Johannesburg South Africa BankservAfrica 243 Booysens Road, Selby Johannesburg Tel: +27 (0) 11 497 4000 – switchboard Email:
[email protected] Web: www.bankservafrica.com
