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Picture: REUTERS/ESA ALEXANDER
Picture: REUTERS/ESA ALEXANDER

Instant payment for businesses in SA is the focus in this edition of the Business Day Spotlight. 

Host Mudiwa Gavaza is joined by Standard Bank Corporate and Investment Banking’s Stuart McDermid, executive head of product solutions, and Nthabiseng Mohale, manager of interbank and regulator forums.

The bank recently launched a rapid payments platform designed to offer corporate clients the convenience of instant payments, through an integration with PayShap. 

Together with the Payments Association of SA, BankservAfrica launched PayShap in 2023, offering consumers cheap access to instant payments across participating banks via a cellphone number.

Mohale says the platform gives businesses the ability to receive and pay out money instantly. Additionally, it enables them to on-board suppliers quickly as it’s not limited to full banking account details but can accept proxies as well.

Join the discussion: 

McDermid says this offers an “exciting alternative to the traditional payment mechanisms of cards and physical cash, which either have high costs or risks attached to them”. 

In May, BankservAfrica revealed that transactions processed on PayShap had leapt to 30-million since its launch, a sign of demand for faster payments in SA. 

The discussion highlights: Standard Bank’s instant payments platform for corporate clients; the growth of PayShap since inception; challenges associated with merchant payments; and the bank’s strategy to get businesses onto the platform. 

Business Day Spotlight is a MultimediaLIVE Production. 

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