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Introducing Real Time Clearance (RTC) payments by Corporate Collect

Sep, 27
Introducing Real Time Clearance (RTC) payments by Corporate Collect

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 verified.

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 system are:

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 individual salaries.

Click here to sign-up today.

For more info, contact 087 094 1677 | 082 556 3705 or email sales@corporatecollect.co.za.

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