{"id":836332,"date":"2025-08-29T09:34:18","date_gmt":"2025-08-29T07:34:18","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=836332"},"modified":"2025-08-29T14:59:07","modified_gmt":"2025-08-29T12:59:07","slug":"end-of-an-era-for-a-53-year-old-finance-giant-in-south-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/finance\/836332\/end-of-an-era-for-a-53-year-old-finance-giant-in-south-africa\/","title":{"rendered":"End of an era for a 53 year old finance giant in South Africa"},"content":{"rendered":"\n

BankservAfrica has launched a new identity and rebrand, now calling itself PayInc.<\/p>\n\n\n\n

The rebrand marks a shift in the group’s identity from being the country’s largest clearing house to becoming a prominent centrepiece in the shifting payment landscape in South Africa.<\/p>\n\n\n\n

The new identity is rooted in the group becoming a payment provider, having developed and launched the PayShap instant payment system in 2023.<\/p>\n\n\n\n

It has continued developing the product, with major banks in South Africa on board and buy-in from the South African Reserve Bank.<\/p>\n\n\n\n

Notably, the group is soon to be 50% owned by the Reserve Bank following the Competition Commission approval for the acquisition<\/strong><\/a>.<\/p>\n\n\n\n

The central bank announced its intention to acquire 50% of BankservAfrica in November 2024.<\/p>\n\n\n\n

According to PayInc CEO, Stephen Linnell, \u2018Pay\u2019 highlights what the group does, while \u2018Inc\u2019 speaks to its goal of economic inclusivity. <\/p>\n\n\n\n

\u201cThis change is not cosmetic. It highlights an organisation building on a strong foundation while embracing a greater role in shaping the future of payments in South Africa,” he said.<\/p>\n\n\n\n

“We are intentionally focused on unlocking economic growth and enabling financial inclusion through secure and efficient digital payments.\u201d<\/p>\n\n\n\n

BankservAfrica had been a vital player in the South African financial system for 53 years, facilitating electronic, card, and cash payments and supporting cheques until they were discontinued in 2020.<\/p>\n\n\n\n

The group was formed in 1972 as the Automated Clearing Bureau (Pty) Limited.<\/p>\n\n\n\n

Before its launch, various industry-owned companies operated independently in different payment channels. This changed and became streamlined through the ACB, before it rebranded as BankservAfrica in 2010.<\/p>\n\n\n\n

The group also runs several indices, such as the BankservAfrica Take-home Pay Index (BTPI), the BankservAfrica Economic Transactions Index (BETI), and the BankservAfrica Private Pensions Index (BPPI).<\/p>\n\n\n\n

These will also follow the rebrand and now be known as the PayInc Net Salary Index (PNSI), the PayInc Economic Index (PEI) and PayInc Private Pensions Index (PPPI), respectively.<\/p>\n\n\n\n

Linnell said that PayInc\u2019s rebrand reinforces its drive for digital innovation, with continued development of the PayShap platform.<\/p>\n\n\n\n

Since its launch, PayShap has facilitated over R285 billion in transactions and is supported and facilitated by 11 of the country\u2019s major banks.<\/p>\n\n\n\n

The system also feeds into the SARB\u2019s broader ambition of steering South Africa into a cashless society.<\/p>\n\n\n\n

PayInc will also enable regional integration through Transactions Cleared on an Immediate Basis (TCIB), a service for instant cross-border payments. <\/p>\n\n\n\n

“Its growing adoption highlights how interconnected Southern Africa\u2019s economies are, and how payments infrastructure can accelerate regional economic growth,” it said.<\/p>\n\n\n\n

\u201cOur new brand reflects our long-term commitment to building a digital payments ecosystem that empowers generations of South Africans to participate fully in the economy.”<\/p>\n\n\n\n

\"\"<\/a><\/figure>\n","protected":false},"excerpt":{"rendered":"

BankservAfrica has launched a new identity and rebrand, now calling itself PayInc.<\/p>\n","protected":false},"author":10,"featured_media":836336,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11121],"tags":[1976,23495,3619],"class_list":["post-836332","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-bankservafrica","tag-payinc","tag-sarb"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/836332","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=836332"}],"version-history":[{"count":5,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/836332\/revisions"}],"predecessor-version":[{"id":836400,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/836332\/revisions\/836400"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/836336"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=836332"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=836332"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=836332"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}