Zimswitch Technologies and South African firm Finteq are finalising the setting up of an automated clearing house which will support the processing of high volume debit and credit transactions.

The Finteq-Zimswitch’s automated clearing house project which will be implemented in a phased approach is envisaged to transform the country’s electronic funds transfer system.

The project which is part of the broader efforts by the country to promote use of digital payments will enable bulk business-to-business, salaries and trade payments.

Finteq business development manager Mr Lionel Slowe said the system set to be operational by July this year adding that the platform will among other things support near real time settlements as well as bulk payments.

“This will certainly ensure that the local industry has the ability to conduct high volume payments that is business-to-business, salaries and trade payments. We are well on track and are hopeful the system will be up and running by July,” he said.

Meanwhile, the Reserve Bank of Zimbabwe deputy director financial markets Mr Josephat Mutepfa said three new payment service providers are set to enter the market soon adding that the apex bank is committed to strengthen the digital payments system in the country.

“We have received application from three serious firms eager to enter the market. Two have already been licensed to commence operations,” highlighted Mr Mutepfa.

Zimbabwe has witnessed a remarkable surge in electronic payments from $62 billion in 2016 to $94 billion in 2017.

In terms of transactions volume there was a 169 percent jump from 370 million recorded in 2016 to 989 million in 2017.

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