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Bankserv introduces global standard messaging

12 Oct 2009

Bankserv has introduced a new XML (extensible mark-up language) format, to be known as Extended Funds Transfer Messaging, for EFT payments enabling direct debits and credit transfers to be delivered in message formats aligned to international standards.

This will enable the facilitation of international payments in future. Gail Clarke, divisional manager systems development, explains the extended remittance information is as per ISO recommendations and will benefit users by reducing queries and resulting in fewer disputes.

“The implementation caters for all payment transaction types currently supported by the EFT service,” she says. “Furthermore the new messaging format incorporates selected data elements for IBAN (international bank account numbers) and ensures FATF (financial action task force) compliance, with South African clearing rules for payments delivered in XML format remaining unchanged.”