ProgressSoft’s Electronic Funds Transfer solution is designed to operate on a 24x7 basis and facilitate same-day electronic funds transfer between banks. It provides bank customers with the means to initiate payment transactions online, with the clearing of those transactions within the same business day.
The solution 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 fund transfers are carried out in real-time on a transaction-by-transaction basis and can be used by both retail and corporate bank customers.
PS-EFT provides banks with the registration facilities needed to enlist their customers in the EFT service. It also provides customers with the means to manage their credentials and access their funds anytime, anywhere.
PS-EFT is fully equipped with comprehensive security measures including Public Key Infrastructure (PKI) and One-Time Password (OTP). This guarantees secure customer access to the system.
PS-EFT provides the bank with the facility to offer on-behalf services. As such, the bank can initiate funds transfer operations on behalf of its customers.
PS-EFT provides customers with the flexibility to initiate their payments in bulk mode, enabling corporate bank customers as an example to initiate several payments such as salary disbursements at once.
PS-EFT integrates with any website to provide customers with the ability to conduct e-commerce and online payments.
PS-EFT assists both banks and the central bank in carrying out their monitoring and supervisory roles by granting banks with the means to track payments and actions performed by their customers and providing the central bank with the means to enforce its rules and regulations.
PS-EFT provides each bank with the means to generate reconciliation reports containing the netting transactions pertaining to that bank.
Modernizes payment and collection processes and tightens control over bank transfers
Maintains security of payment transactions conducted with minimal risk
Increases the money in circulation and allows faster access to funds
Cuts processing costs and offers considerable time and money savings
Integrates with other payment systems to provide efficient means of payment processing
Offers real-time notifications for payment senders and receivers upon transaction completion
Eradicates physical checks, bills and reconciliation reports