An interbank transfer is the movement of funds from a remitter’s account to the beneficiary’s account maintained in a different branch/bank. Craft Silicon, a Kenyan custom software services provider has made this possible by launching a new Interbank Transfer System between Centenary Bank and Finance Trust Bank in the interim with others like Tropical bank, Exim Bank, Housing Finance Bank on the next recruiting list, reports the Daily Monitor.
Craft Silicon provides banking software to more than 250 banks in about 40 countries including the US, India, Nigeria, Uganda and kenya reads the same report. Aside from its banking clientele, it is also the same firm that Safaricom partnered with its Little Cab service, a Uber competitor of sorts that is yet to launch in Uganda.
The new Interbank Transfer system is said to support transfers of UGX 500,000 up to 5M in real-time. So it will be seamless as sending mobile money from one account to another except that this time around, the transfer will happen between two accounts from either bank.
While transferring funds between two bank accounts isn’t new, most often it doesn’t happen in real time as it takes a few days for the sent money to reflect on the recipient’s account, more so if the transaction involves separate banking entities. For this case, the newly launched Interbank transfer service will be instantaneous, solving one the hassle of having to wait several days for accounts to reconcile.
For now the system will allow the transfer of up to UGX 5M and 1M from Centenary Bank and Finance Trust bank respectively.