Zeepay is an electronic transacting system for bulk payments to relieve pressure on the Real Time Gross Settlement (RTGS) system. The Zeepay system is run in conjuction with a South African company FinTeq whose officials were present.
“The demonstration was meant to get the banking sector’s feedback and appreciation of the system.
The idea here is you know all our initiatives at Zimswitch, our payment initiatives, their success hinges on the participation by all,” said Zimswitch Electronic Funds Transfer channel manager Mr Terence Manhanga.
He added the demo was meant to ensure that the system has standards accepted by all.
“You don’t want a situation where by I will give as an example, before you send your Zipit, you have to know if it sends Zipit. SO when you are talking about a payment Ecosystem all the initatives we walk on Zimswitch we want to make sure we don’t have a fragmented market,” he said. “This is the purpose of the demo to say yes we have been telling you about this new Electronic Funds Transfer system that can do ABC but please come and see for yourself. Get the first hand experience of what is actually happening.”
Through the banking sector’s input, Manhanga said the demo gave them a chance to tweak the system through their comments.
“You know when you talk about the transaction flows, I initiate a transaction that happens at your bank, that happens at Zimswitch, what happens at the recipient bank, so the purpose of the demo is to ensure that all questions are addressed, clarifications. We also get input, comments that will help us because we haven’t actually gone live. We still have a chance to panel beat our system in line with the requirements from the industry. So this is the purpose of the demo,” he said.
Most of the banking personnel from the IT and operations departments at the demo lauded the system for its effectiveness.
“The system is great given it processes multiple issues quickly which will help us handle customer complaints among other things,” said a participant.