20 July 2014 Johannesburg South Africa’s workers and communities bank of choice, Ubank, has completed the roll out of its latest payment gateway capability for Real Time Clearing, RTC, aimed at processing online payment instructions and it will go live on Monday, 21 July 2014.
According to Luthando Vutula, CEO of Ubank, This investment is in line with the Bank’s 10 year strategy and is also in response to our changing customer base needs. We procured and began implementing the core payments gateway and the tests conducted have been seamless.
The business case for the payments gateway is to reduce outsourcing costs as well as to ensure compliance requirements are met in terms of the PASA EFT clearing rules and SARB’s Position Paper on Bank Models in the National Payment System.
Ubank is leveraging this infrastructure to ensure that the bank’s payments environment is hosted on a single system, which in turn, will improve efficiencies of the payments management system from a resource and cost perspective.
In conclusion Vutula says, This is a huge milestone towards building the bank’s capacity as we needed a consolidated payment solution to handle all payment related transactions from a central point and consistently across various systems.