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.
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 of 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: https://www.pan.org.na/nampay/what-is-nampay
- 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.