TCIB in a Nutshell
The TCIB (Transactions Cleared on an Immediate Basis) Payments Scheme is the response to the need in the Southern African Development Community (SADC) region for a cost-effective, cross-border low value payment scheme that enables the immediate clearing of single credit “push” transactions, settled on a deferred basis.
TCIB is open to all banks and authorised non-banks across the (SADC and allows participants to facilitate cross-border payments in a totally open and interoperable manner without the need to enter into complex bi-lateral agreements.
BankservAfrica, the appointed TCIB Scheme Manager and operator, has formally certified Traderoot Africa as an approved TCIB integrator to assist new participants wishing to transact on TCIB with their scheme integration. Over the last two decades we have provided purposeful solutions developed to enable payments ecologies and we are delighted to be a solutions partner to TCIB.
“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 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.”
What does TCIB offer?
The SADC region is notorious for being one of the most expensive in the world for cross-border remittance services. TCIB offers its Scheme Participants open and interoperable transaction capability without the restriction of complex contracting, extensive pre-funding and the dependency on in-country infrastructure. A further benefit is access to the SADC RTGS for settlement which reduces the dependency on multiple Nostros or the need to default to the USD as the base currency rate for FX conversions that mostly leads to “double dipping” and increased FX costs . TCIB also allows its participants to leverage each other’s networks, branches, ATMs, agency networks and routable store of value like bank accounts and/or wallets.
“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,” explains Roode.
How Can You Integrate TCIB?
Traderoot, as a certified TCIB integrator, is making it easier 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 Africa to add even more value to our clients’ businesses. Your organisation can also reap the benefits.