Corporate Collect is the trusted name in debit order collection in South Africa. This is mainly due to outstanding service, meeting customers’ expectations and proving relevant to the ever changing financial industry. The latest service Corporate Collect is offering clients, is the Real Time Clearance (RTC) PAAF payments (EFT Payments) with beneficiary verification and validation functions. Let’s explore.
How does the Real Time Clearance
(RTC) service work?
The Corporate Collect system
validates a recipient and then verifies their bank details to establish whether
the account belongs to the right person and is valid to receive payments. It
eliminates the possibility of payment going to the wrong bank account, confirms
that the account is active and in good standing order. A normal EFT or Instant
Payment can then be made to the beneficiary once the account is validated and
When signing up to the Corporate
Collect platform, the client loads the details of individuals/businesses that
have to receive payments. The system then validates each account and verifies
the client with the given bank details in order to eliminate any and all
possibility of a ‘spoof’ account or payment fraud.
Extra layer of security
Once the beneficiaries’ details
have been validated, the system generates a unique ID for each beneficiary.
When bulk payments have to be made, the system makes use of specified
references. This makes identification of payments much easier.
Moreover, there is absolutely no
risk of banking details getting lost and there is no need to send bank details
to Corporate Collect via email. Thus, eliminating any possibility of
information getting lost in translation.
The system also has a two-way OTP
authorization function that is truly state of the art. This is how it works:
The person responsible authorizes the batch of payments to be made. The system
will then initiate a 2 way double verification OTP process to ensure the
authorized person is making the payment and that the correct profile and
administrator is indeed operating the payment process.
It is the perfect application for
corporates, schools and even farms that have to make bulk payments on a weekly
or monthly basis.
Main advantages of RTC
The main advantages of the RTC
It is safe from corruption. Only the
intended recipients will be paid after the account details have been validated.
This eliminates the possibility of any fake recipients being paid.
The system is discreet. Salaries
will reflect as one bulk payment on your monthly bank statements as opposed to