Traderoot Africa is proud to announce that we have been certified as an official Transactions Cleared on an Immediate Basis (TCIB) Integrator by BankservAfrica, the appointed TCIB Operator and TCIB Scheme Manager.
“This certification enables Traderoot Africa to add even more value to our clients’ businesses as the TCIB Integration capability extends to our core solutions,” says Traderoot Africa’s Head of Business Development, Francois Roode. “Our fintech solutions already give our clients a competitive advantage, but the ability to leverage the power of TCIB is likely to make a major impact in the speed of transactions while also reducing overheads.”
“TCIB is a new payment stream in SADC, one that none of the traditional Core Banking Providers or Payment Gateways have provided solutions to yet,” Roode explains. “BankservAfrica has identified the enablement potential that certified TCIB Integrators may offer. We are delighted to have responded, and being the first business to secure this certification highlights Traderoot Africa’s position as a market leader on the continent. I am thankful to our team for the work done to achieve this milestone and to BankservAfrica for the trust in us.”
SADC Low-value Regional Payments Scheme
In September 2016, the SADC Committee of Central Bank Governors approved the development of a SADC Low-value Regional Payments Scheme in support of the SADC Strategy on Financial Inclusion and the acceleration of financial inclusion in all SADC Member States.
Under this mandate, the SADC Banking Association designed the framework for the SADC low-value credit transfer payment scheme and then worked closely with BankservAfrica to develop and operationalise this framework into the formal low-value or retail payments scheme known today as TCIB (Transactions Cleared on an Immediate Basis).
“TCIB is a revolutionary payments reform initiative,” says Roode. “The fact that TCIB is fully interoperable and multi-currency enabled will empower authorised financial institutions in SADC to breach the many barriers preventing low cost and fully interoperable remittance across all corridors in the SADC region.”
The benefits of TCIB
TCIB promises its scheme participants low cost payments across the SADC region directly into the bank accounts and/or mobile wallets of their customers, hereby addressing the requirement for immediacy of payments, supporting financial inclusion objectives and adding immense value to the economies of all SADC member states.”
“Because TCIB is the formal SADC Retail (Low-Value) Credit Transfer Scheme,” Roode continues, “there is no requirement by participants – including banks, mobile network providers, e-money providers, retailers and money transfer operators – to enter into separate closed-loop or bi-lateral agreements with any financial institutions within the participant community.”
“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 Roode.
TCIB is set to become a remarkable African payments success story and we are looking forward to introducing our clients to this incredible innovation.
To learn more about TCIB and how it can elevate your business, contact our team on sales@traderoot.com or contact Francois Roode directly on francois.roode@traderoot.com.
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