EFT Payments

The EFT service is provided by Namclear in conjunction with its member banks, which enables banks to process payments entirely by computerised means. The service may be used for both the collection of payments for clients (debits), and for the making of payments to creditors (credits).

The Sameday subservice requires banks to submit data in files on the action/value date. These transactions will be distributed to destination banks as soon as they are successfully cleared during the same processing day. The service provides for the processing of debit and credit transactions, including unpaid and non-financially redirected transactions.

The settlement of these transactions takes place on the same day, after the industry had agreed upon a service cut-off time.

The One-Day subservice requires banks to submit data in files one day prior to the action date. The service allows for the processing of debit and credit transactions by Namclear on the action date.  In the case of a transactions action date for a Monday, submissions must be made on the Saturday.

These transactions will be distributed to destination banks after the industry had agreed a service for the cut-off time one day prior to the action date and the settlement will take place by 10h00 on the action date.

The Dated subservice requires banks to submit data in files to reach Namclear no less than two working days before the action date. This subservice is intended for the submission of predated transactions which may will be stored in a warehouse until action date.

This service allows for processing of debit and credit transactions by Namclear 10h45 on working days before the first action date in the submitted file.

The Recalls Service requires banks to submit data in files to reach Namclear no less than one working day before the action date for Bulk Recalls. Member banks can also use the on-line recalls service (QDMS) to capture recall transactions or sets of transactions.
The Recalls Service is not allowed for the Sameday and One-Day subservices.

Unpaid EFT Transactions are sent to Namclear in the Same Day Service. The banks can also use the On-line Unpaids System (QDMS). These transactions are forwarded to the originating bank as either single non-consolidated (single transactions) or consolidated unpaids. depending on the users preferred option.

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 of two payment methods

Some key features include:

• Immediate payments with the NRTC stream that will effect within 1 minute between different banks
• Normal credit payment transfers (ENCR) between 08h00 to 16h00 daily enables clearing on same day
• Track payments at any time
• Better anti-money laundering controls

Enhanced Credit Transfers

• Provides capability to transfer payments in batches and in bulk
• Typically used for daily EFT payments (P2P), salary payments, etc
• Able to use SameDay and Dated Services.

Near-Real-Time Credit Transfers (NRTC)

• Brand new payment stream in Namibia
• Process is “near” real-time as there are multiple steps in the process between the banks
• Credit transfer affects within 1 minute of transfer between banks

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.