Sybrin eyes the SARB’s ‘National Payment System’s Vision 2025’

The launch of the long-awaited National Payment System’s Vision 2025 on 12 March 2018 was met with eager eyes at Sybrin.

The vision document, published under the auspices of the South African Reserve Bank (SARB), is aimed at building a world-class National Payment System (NPS) in South Africa that serves the economy and the people of South Africa. It notably sets out the strategies and goals for the national payments industry.

At Sybrin, we are keenly attentive to this vision. By means of our diverse knowledge of African countries, we are well placed to focus on providing cost-reductions through regional integration, interoperability (using ISO20022), and cost effectiveness, which is augmented by continuous learning and improvement on Sybrin’s part.

The Sybrin Payments Hub is one example where massive cost savings and flexibility are created for clients. The Payments Hub is a web-based solution designed to centrally consolidate, monitor, and manage all payments for a financial institution. Examples of payment types supported include EFT Credits, RTGS, Cheque, Real Time Credit (RTC), Mobile Banking, EFT Debits (such as AEDO, NAEDO and AC), and SWIFT transactions, with the full range of payment types and further information available here. Built using our next generation Business Digitisation Platform, it is an eChannel platform where data is converted into a standardised, secure format that supports an omni-channel approach to payments.

Sybrin Eyes The SARB’s ‘National Payment System’s Vision 2025’

Furthermore, Sybrin recognised the importance of offering our regional and national clients solutions for national payment switches. This was accomplished through a partnership with Tieto, which also complements the National Payment System’s Vision 2025, and bodes well for the NPSs of other regions.

Tieto share the following information about their offering. “Tieto offers instant payment solution to central banks and national level processors to establish account-to-account payments infrastructure. Besides the so called 'card rails', an alternative payments processing infrastructure can be established to send and receive payments directly to and from a customer’s bank account. Several countries across the world, such as Finland and Kenya, have already implemented such solutions, with many others in the process. Tieto offers instant payment solution to central banks and national level processors to establish account-to-account payments infrastructure.”

The Vision 2025 publication maps out an overarching vision for the industry, and sets out the following nine goals:

  • A clear and transparent regulatory and governance framework
  • Transparency and public accountability
  • Financial stability and security
  • Promoting competition and innovation
  • Cost-effectiveness
  • Interoperability
  • Flexibility and adaptability
  • Regional integration
  • Financial inclusion

At Sybrin, we feel that the Vision 2025 and our objectives as leaders in business digitisation meet eye-to-eye, and are eager to collaborate with our clients to reach these attainable goals.

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