FNB, Standard Bank and others launch payment request feature
Capitec, FNB, Standard Bank, and other major banks are launching a new payment request feature, allowing users to send, approve, and settle payments in seconds.
Payshap, South Africa’s premier instant payment service, is launching a groundbreaking update on Monday, 2 December called, PayShap Request.
This new feature allows users to initiate payment requests directly through their bank channels, ensuring faster, more secure, and flexible transactions for personal, business, and corporate needs, reports BusinessTech.
How it works
A Requester sends a payment request using a bank account proxy (ShapID, Business ShapID or Shap Name) and sets an expiry date.
The Payer approves the request, triggering instant settlement, with funds reflected immediately in the Requester’s account.
Requesters can cancel and Payers can decline requests, ensuring flexibility and security.
Banks participating at time of launch
Participating banks include African Bank, Capitec, Discovery, FNB, Investec, Nedbank, Standard Bank, and TymeBank.
Some banks will focus on personal banking, while others cater to businesses or both.
For example, Standard Bank will introduce PayShap Request specifically for corporates.
Since its launch, PayShap has processed over 130-million transactions. With its recent transaction limit increase from R3,000 to R50,000, it continues to modernise payments.
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