Payments Association makes payment system more efficient
The Payments Association of Namibia in partnership with the local banking and payment service providers introduced a brand new solution this week, called NamPay.
NamPay will comprise of three payment streams across debit orders, credit payment transfers and near-real-time credit payment transfers that will transform all Electronic funds transfer (EFT) processing in the country.
According to the Association’s Chief Operating Officer, Annette Rathenam, the enhancement of the system is in response to a payment system determination by the Bank of Namibia that requires efficiency in the payment system.
Rathenam added that the current debit order system will be replaced by an enhanced collection process, called EnDo that will benefit both the submitter of debit orders (creditor) as well as the consumer paying that debit order (payer).
Furthermore, Rathenam said that the current EFT credit payments system will be replaced by two new streams which will enhance the way that money can be transferred across all banks in the payment system.
“This involves the ability to transact within a current day and to transfer money immediately to any beneficiary in Namibia, whether they bank at the same institution or not,” she concluded.