ZIMSWITCH Technologies, a company that provides interoperability for local financial payment systems, has introduced “Zeepay”, a new electronic payment product that enables users to send money to multiple recipients.
Zeepay is short code for Zimswitch Enhanced Electronic Payments. Formed in 1994 as a partnership of five banks, Zimswitch Technologies came up with the Automated Teller Machines (ATM) and Point Of Sale (POS) facilities before introducing, among other products, the Zimswitch Instant Payment Interchange Technology (Zipit), which is a platform that enables instant inter-bank funds transfers between banks and mobile network operators.
In an interview on the sidelines of the Zimswitch Payment Conference in Victoria Falls recently, Zimswitch deputy director, Mr Zabron Chilakalaka, said Zeepay will complement Zipit as it will deal with sending multiple transactions. The facility would also literally replace the Real Time Gross Settlement (RTGS), which deals with high value transactions.
He said the product was currently being tested on the market and will be unveiled in a few months’ time.
“What we are bringing with Zeepay is the ability to do real time and near real time credits and debits. It will send money to multiple banks or accounts using the Zimswitch platform.
“The system has been completed and we are actually doing development tests hoping that it will be availed to banks in the second half of the year after, which the facility will be extended to customers,” said Mr Chilakalaka.
He said while Zipit deals with real time instant transactions, Zeepay will facilitate near real time functionalities such as trade payments. Mr Chilakalaka said Zeepay will allow ‘credits’ during sending of money from bank to bank in single transactions of batches to allow for bulk payments such as salaries in a company or payment of farmers by a buyer.
The product will also work as a stop order when one wants payment done to their accounts from a different bank. Mr Chilakalaka said the system will work through a mandate following an order by a client.
The new product will add to the cashless economic activities where gradually people are reducing usage of banking halls as a majority of transactions can be done electronically.