Enhanced EFT Payments Overview – NAMPAY
NamPay was implemented fully in 2021 and modernised the payment system landscape for electronic fund transfers.
High Level Features Include:
- 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.
Enhanced Debit Orders (EnDO)
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
Enhanced Credit Transfers:
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
Where to Get More Information:
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.
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