Singapore, 5th November 2020— Thyme Bank and BPC Banking Technologies awarded Best Digital Transformation Implementation in Africa at The Asian Banker Middle East and Africa Regional Awards 2020
Tyme Bank offers unique services to their clients as the first digital challenger bank in South Africa
Tyme Bank partnered with BPC Banking Technologies to issue debit cards instantaneously via a kiosk, and the bank uses a card UID (unique ID) number to replace the PAN (primary account number) in all transaction messages to the bank’s IT systems such as the core banking system, allowing those systems to be hosted in non-PCI DSS compliant environments. Furthermore, customers are able to open a bank account in less than 5 minutes and have their cards issued to them instantaneously from a Tyme Bank kiosk.
Minimal fees charged with additional rewards given to customers
This digital transformation allowed Tyme Bank to offer banking services without charging monthly fees and made many everyday banking transactions free. In addition, to the already minimal charges for other transactions, customers can also earn discounts and rewards when they use Tyme Bank debit card at partner retailers. This resulted in over 1 million customer onboarded in 1 year and an average of about 95,000 transactions per day.
SmartVista seamlessly integrates Tyme Bank’s operation features with enhanced fraud management
The successful implementation of SmartVista allowed Tyme Bank to perform quick and easy KYC process based on their customers South African ID, biometrics and mobile phone number. This reduced waiting time for customers while enhancing the bank’s fraud management system. Tyme Bank and BPC managed to build an entire banking infrastructure from the ground up to support Tyme Bank’s ambitions to deliver a unique low-cost and safe innovative service to their customers.
About The Asian Banker International
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The Singapore-based company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services and forums. The company’s website is www.theasianbanker.com
You may visit the Excellence in Retail Financial Services page at http://awards.asianbankerforums.com/retailfinancial/
For further information, you may get in touch with:
Mr. Mobasher Zein Kazmi
Head of Research
Tel: (+61) 452 514 145