Traderoot explores how the Transactions Cleared On An Immediate Basis (TCIB) cross-border payment scheme will positively impact individuals, businesses and the broader economy of the SADC region.
In its most basic form, TCIB is an agreement between all of the countries that make up the Southern African Development Community (SADC) to permit the immediate clearance of single credit “push” transactions. TCIB is set to bring great benefits to the SADC region.
The SADC Economy
The SADC region has one of the highest costs in the world for cross-border remittance services. TCIB was established with the intention of facilitating and maximising the flow of commerce between the governments, enterprises, and individuals in the SADC area. TCIB has succeeded in enabling quick, low-cost, cross-border payments throughout the SADC area by removing a significant number of the obstacles that previously hampered payments inside the region.
The Impact of TCIB on Individuals
Before the implementation of TCIB, sending or receiving funds across borders between countries in the SADC region was a costly endeavour. The majority of people living in this region do not have access to bank accounts. This means that the methods available to them for transfering money to other countries in the region were frequently made using unsafe, restrictive, and informal methods with no mechanisms in place to protect customers.
This is no longer the case. are made possible by TCIB between any two TCIB participants located anywhere in the SADC. TCIB facilitates Instant, low-value, cross-border payments between any two TCIB participants located anywhere in the SADC. TCIB successfully improves financial inclusion throughout the SADC region by utilising digital financial services that are both easily accessible and cost effective. Furthermore, individuals in the SADC region can now be protected from insecure methods of cross-border payments.
The Impact of TCIB on Businesses
Cost-effective, Instant payment solutions like TCIB help businesses serve the needs of their customers by providing swift payment solutions, allowing them to reach untouched markets, while creating a financially-inclusive economy.
“TCIB is the first and only platform in SADC that enables a scalable low-cost, interoperable and fully open-loop ecosystem for authorised financial institutions to transact seamlessly and effortlessly with each other,” says Traderoot Africa Director, Brett Dungan.
How can Traderoot Assist with TCIB Integration?
Traderoot Africa is a certified TCIB integrator. We assist in making it easier, faster and more cost effective for individuals and businesses to transfer money between countries in the SADC region.
Our TCIB Integration capability now extends to our core solutions, which will allow Traderoot to add even more value to our clients’ businesses. Your organisation can also reap the benefits. To learn more about TCIB and how it can elevate your business, visit the Traderoot website, read more here, or email firstname.lastname@example.org today.