Standard Bank Pioneers Real-Time Payment Requests For Businesses

Standard Bank Pioneers Real-Time Payment Requests For Businesses. Standard Bank South Africa has unveiled its latest offering, PayShap Request for Corporates, a country-first platform service enabling businesses to send and receive real-time interbank payment requests seamlessly. As the first and only Corporate platform in the industry to offer this capability, the launch marks a significant milestone in the evolution of payment systems in South Africa.

PayShap Request allows businesses to send payment requests securely to individuals or other businesses, eliminating the need for manual payment processes. When authorised, payments are approved and cleared in real-time, within just 10 seconds, using the recipient’s bank account or proxy details (ShapID or Shap Name).”PayShap Request represents a new era of efficiency and inclusivity in the financial services industry,” said Nthabiseng Mohale, Manager of Interbank & Regulatory Forums at Standard Bank. “By co-creating this service with our clients, we have ensured it not only meets their needs but also fosters financial inclusion and reduces reliance on cash.”

This innovation supports both individuals and businesses, empowering consumers to manage their financial obligations on their terms while enabling corporates to receive payments instantaneously, offering “a transformative approach to how businesses interact with their customers,” added Mohale.

Stuart McDermid, Head of Product Solutions at Standard Bank, emphasised the platform’s industry-first status. “We’re proud to have the only platform in South Africa that allows businesses to perform PayShap payments and requests. It’s designed to simplify payment processes while creating efficiencies for businesses. Whether it’s a subscription or a monthly bill, customers can now approve and pay securely with just a few clicks.”

This offering has been developed through close collaboration with corporate and fintech clients, allowing them to test and refine its functionality. “This client-centric approach ensures the service delivers tangible value,” said McDermid.

With PayShap already revolutionising individual-to-individual transactions since 2023, the introduction of PayShap Request for Corporates promises to drive further growth and adoption across the financial ecosystem.

“PayShap Request represents an important step towards creating a more inclusive society where financial systems are accessible to everyone,” concluded Mohale.

PayShap Request is now live, with corporate clients set to begin using the service during December to enhance efficiency and improve customer experiences.

“PayShap Request is the result of a collaborative industry effort to bring innovative payment solutions to South Africa. This new functionality extends PayShap’s capabilities to both person-to-person and person-to-business payments, helping users to manage their payment obligations efficiently while enabling businesses to innovate and grow in the agile economy,” says Anton van der Merwe, Head of Scheme for PayShap at BankservAfrica.