Johannesburg, 23 Oct 2014
Xpertek's well-known payment switch solution, SFI, will be enhanced with Internet banking functionality due to be rolled out early in 2015.
The trusted SFI Payment Switch, which routes multiple payment types from the originator to the final destination, is used in 18 countries worldwide, notably by Barclays and Standard Bank in Africa, and processes R22bn per month through its switch.
The Internet banking feature will enable users to directly access their banking details and accounts from one point, thereby focusing on ease of use. It will also provide all the normal functionality required by businesses to transact on a daily basis and includes:
* Balance enquiries
* Transaction history
* Inter-account transfers
* Ability to send once-off payments through banking system ("on-us" transactions)
* Ability to perform interbank payments ("off-us" transactions)
* Ability to capture and validate SWIFT messages to be sent to core banking system
* Ability to pay pre-defined lists of beneficiaries on pre-defined dates
* Ability to do straight through processing of bulk files.
More recent developments in the SFI engine room include increased security measures to limit fraud and to assist corporate clients to manage their internal procedures at an optimum level, for example:
* Authorisation rules and mandates are set up at corporate users
* Passwords are strictly controlled and provided securely
* Virtual keyboards have been introduced when logging into the system
* Depending on the preference a token system can be rolled out to verify users.
What's more, there are other enhancements to processing on SFI ? charges can be collected manually, RTGS transactions can be done via Web services, as can balance verification and balance enquiries. Excel files and other file formats submitted by corporates can be processed directly and a software development kit (SDK) can be made available to encrypt raw files from within the originating system at the corporate client.
These enhancements to the solution and Internet banking capability should continue to make SFI a favourite of banks and clearing houses worldwide.
For further information about Xpertek's solutions and services, kindly contact Barry Leonard, CEO of Xpertek on 011 519 3000 or log on at www.xpertek.co.za.
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