 | |
| Type | Automated clearing house |
|---|---|
| Industry | Financial services |
| Founded | 1972 |
| Headquarters | Johannesburg, South Africa |
Area served | Africa |
| Products | Payment processing, Clearing and settlement services, Consulting |
| Services | Payment collection, Payment switching, Clearing and settlement, Consulting, System hosting, Business process outsourcing, SWIFT bureau and payment solutions, Disaster recovery, Business continuity |
| Website | www.bankservafrica.com |
BankservAfrica is an automated clearing house located in Johannesburg, South Africa, serving both national and pan-African transactions.[1][2] It annually processes a significant volume of transactions, encompassing various sectors such as banking, corporates, government, and retail. Its role as Africa's largest automated payments clearing house is primarily attributed to its substantial transaction volume.[3]
History
The establishment of BankservAfrica originated from the need to unify shared services within the South African banking industry. Prior to its formation in 1972 as the Automated Clearing Bureau (Pty) Limited, various industry-owned companies operated independently in different payment channels. The transformation aimed to streamline operations, leading to the eventual rebranding as BankservAfrica in 2010.[4][5]
Shareholders
BankservAfrica is entirely owned by South African commercial banks, with the following shareholders:[6]
- Absa Bank Limited (23.125%)
- FirstRand Limited (23.125%)
- Nedbank Limited (23.125%)
- Standard Bank of South Africa Limited (23.125%)
- Dandyshelf Group (7.5%), comprising:
Activities
BankservAfrica plays a pivotal role in ensuring regulated and compliant interbank transactions aligned with international standards. Its significance as a trusted partner in the South African financial services industry contributes to the stability of the national payments system. The company operates under the oversight of the Payments Association of South Africa, the South African Reserve Bank, and other central banks within the African region.
Notably, BankservAfrica introduced the groundbreaking SASWITCH brand in the 1980s, enabling remote ATM access across various institutions, regardless of network protocol.
Services
BankservAfrica offers a comprehensive range of services, including payment collection, switching, clearing, settlement, consulting, system hosting, and business process outsourcing. It also provides SWIFT bureau and payment solutions, disaster recovery, and business continuity services. The company employs dual processing through production and disaster recovery sites, ensuring uninterrupted core processing in the event of a disaster.
References
- ↑ "Key Role-players". Payments Association of South Africa (PASA). Retrieved 2021-03-23.
- ↑ "About us". www.banking.org.za. Retrieved 2021-03-23.
- ↑ "Bankserv Africa forges relationship with Strateʼs SWIFT Services – Strate". Strate. 2012-10-25. Retrieved 2021-03-23.
- ↑ "SA Reserve Bank's Overview of the South African national payment system" (PDF). www.resbank.co.za. Retrieved 2021-03-23.
- ↑ "Bankserv targets African expansion". Brand South Africa. 2010-06-14. Retrieved 2021-03-23.
- ↑