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UPDATE ON CROSS-BORDER ELECTRONIC FUNDS TRANSACTIONS (EFT) CHANGES EFFECTIVE 10 SEPTEMBER 2024
Following the impending regulatory changes to payment methods to the Common Monetary Area (CMA), we would like to emphasize some critical aspects that will affect our clients.
The change comes into effect on 10 September 2024 in all Common Monetary Area (CMA) countries which include South Africa, Namibia, Eswatini and Lesotho.
As a result of the change, all low-value transactions (below E1 million for individuals and below E5 million for Corporates) CMA Cross-border EFT debit orders and payments done via Nedbank’s Onnline Banking platform and the Nedbank Money app will be impacted.
How cross-border payments will be impacted
- Effective 10 September 2024, all CMA EFT credit and debit transactions will be migrated to the SADC RTGS (Real Time Gross Settlement) cross-border rail. This means that all CMA EFT transactions will be treated as cross-border transactions and as such, reportable to the Central Bank of Eswatini as per the requirements of the relevant exchange control legislation.
- All high-value payments (above E5m) need to be remitted via SWIFT, by completing the “Outward International Payment” application (Outward International Payment (OPO)), and submitting same, together with all necessary supporting documentation, to your Relationship Manager / the Global Business team for processing.
- All low-value payments (below E5m) to CMA countries may be initiated on Nedbank’s Corporate Online Banking Platform, where provision has been made for “CMA” payments, and “Balance of Payment” (BOP) reporting.
- Effectively, Nedbank customers making low value cross-border payments via the Nedbank digital platforms - Corporate Online Banking and Money app, will now be able to make payments even to non CMA participating banks in South Africa as well as to banks in all CMA countries. Payments to these banks will now take place in real time.
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