Enhanced EFT Payments Overview – NAMPAY

NamPay was implemented fully in 2021 and modernised the payment system landscape for electronic fund transfers.

• Implementation of international ISO 20022 standard for EFT.
• Greater efficiency, safety and control
• Enhanced AML and Reporting features
• Near Real-time credit payments
• Debit order randomisation and tracking.

Key features include

• Collector registration
• Credit tracking
• Full randomisation of debits
• “Unpaids” replaced by a successful/unsuccessful process that will result in more efficient collections and reduce the number of disputes, which benefits both the collector and the debtor.
• Fully electronic dispute process

The Credit Transfer stream comprises two payment methods.

Near-Real-Time Credit Transfers (NRTC):

Key features include:

• Immediate payments with the NRTC stream will take effect within 1 minute between different banks.
• The process is “near” real-time as there are multiple steps in the process between the banks
• Track payments at any time.
• Better anti-money laundering controls.

 

Enhanced Credit Transfers (ENCR):

Key features include:

• Provides capability to transfer payments in batches and in bulk
• Typically used for daily EFT payments (P2P), salary payments, etc.
• Normal credit payment transfers between 08h00 to 16h00 daily enable clearing on the same day.
• Track payments at any time.
• Better anti-money laundering controls.
• Able to use Sameday and Dated Services

For more info on NamPay, visit the PAN Website: http://www.pan.org.na/

Official ISO 20022 website: https://www.iso20022.org/

Wikipedia website: https://en.wikipedia.org/wiki/ISO_20022

SWIFT Standards website: https://www.swift.com/standards/about-iso-20022

Customers are encouraged to contact their banks for more information.