Traderoot Africa and Oracle Financial Services (Oracle) have partnered to offer a solution for transactions cleared on an immediate basis (TCIB) payments.
The collaboration will be officially presented by Oracle at Sibos.
TCIB supports the South African Development Community (SADC) strategy on financial inclusion, which aims to provide underbanked and unbanked groups access to financial institutions. The collaboration aims to accelerate this inclusion in SADC member states.
The solution combines Traderoot Africa’s TCIB Integration ISO E-Bus and Oracle’s TCIB payments processor, and will offer SADC financial institutions access to faster cross-border payments, the companies say.
Commenting on TCIB, Ruhling Herbst, executive for TCIB at BankservAfrica, says: “What makes TCIB different is the flexibility it offers to participants to either extend their business opportunities to new markets or migrate their existing business into an open-loop scheme. TCIB provides the interoperability needed for authorised financial services participants to link up and offer services. This helps to remove the payments fragmentation and gives consumers the benefit of more payments choices.”
Venky Srinivasan, group vice president at Oracle, comments: “We view TCIB as an important enabler to reduce the cost and delay of low-value cross-border remittances in SADC, which is crucial in offering a new channel for financial services providers to offer a product to include those who have been previously excluded from traditional payment channels.”
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