Electronic Funds Transfer
Complementing its fully-fledged suite of payment innovations, ProgressSoft provides PS-EFT - an advanced electronic funds transfer system that provides the facility to transfer funds from one place to another via electronic channels. PS-EFT eliminates the need for physical exchange of money, along with the physical presence of the payer and the payee at their corresponding banks. This results in achieving a hassle-free payment experience for both retail and corporate bank customers.
PS-EFT is a fully Straight-Through-Processing (STP) solution with the objective of facilitating same-day electronic funds transfer between banks. It provides the bank customers with the means to initiate payment transactions through an online web-access. The clearing process of those transactions is carried out within the same business day.
The system also provides the central bank with the functionality needed to act as a central switching and monitoring authority, as well as a clearing house for the payment transactions. PS-EFT automatically generates a Net Clearing Position (NCP) report per currency in order to integrate with the central bank’s settlement system and settle transactions at the end of business day.
PS-EFT streamlines payment and collection processes and tightens control over bank transfers. Deploying the solution results in faster access to funds and increased money-in-circulation.
PS-EFT paves the way for a paperless environment, where physical checks and bills are obsolete. The solution offers efficient means of payment processing to institutions handling various payment instruments. Payments are conducted with minimum risk, reduced processing costs and considerable time and money saving.
While seamlessly integrating with other financial systems, PS-EFT maintains the security of transactions conducted, making it the preferred payment alternative to wire transfer, checks or credit cards.
PS-EFT furnishes a user-friendly interface that facilitates convenient management of money. End-customers receive real-time updates, in the form of email and SMS notifications that are sent to both sender and receiver upon transaction completion.