CASE STUDY
Introducing Rapid Payment Platforms
Rapid Payment Platforms, also known as real-time or instant payment systems, are digital infrastructures that enable the immediate transfer of funds between bank accounts, typically within seconds, and are available 24x7x365. Unlike traditional batch-based systems that process transactions in scheduled intervals, Rapid Payment Platforms function on a per-transaction basis, allowing for near-instantaneous settlement and confirmation.
These platforms are built on modern payment rails that prioritise speed, security, and interoperability. They use ISO 20022 messaging standards to enable the rich, structured exchange of data between financial institutions. Most operate on a push-payment model, where transactions are initiated by the payer, allowing for greater control and reducing fraud risks associated with pull-based mechanisms.
At the core of Rapid Payment Platforms is a clearing and settlement mechanism that often involves central bank infrastructure or regulated clearing houses. Clearing ensures that both the payer’ s and payee’ s institutions exchange transaction information instantly, while settlement, whether real-time gross or deferred net, is achieved either instantly or at frequent intervals via pre-funded accounts or liquidity buffers.
While BankservAfrica is the largest automated clearing house in Africa, it is also at the core of South Africa’ s payment ecosystem. Its alignment with the South African Reserve Bank’ s modernisation agenda has made it a key player in shaping the nation’ s payments landscape.
PayShap is integrated via APIs to ensure connectivity across banks, fintech providers, and digital channels. It supports a variety of use cases, including peer-topeer transfers, merchant payments, and government disbursements. By reducing transaction latency and increasing transparency, platforms like PayShap are driving financial inclusion, enhancing the digital economy, and redefining the way money moves.
For this initiative to succeed, BankservAfrica faced a formidable challenge, which was coordinating with the numerous participating stakeholders while ensuring consistent implementation of PayShap. While the initial approach provided valuable groundwork, the unique demands of a Rapid Payment Platform required a comprehensive strategy including a structured, datadriven framework.
The diversity of participating banks, each with their own internal structures and cultural differences, presented a unique challenge. Based on the scope of implementing the Rapid Payment Platform, stakeholders expected a specialist and dedicated change management resource, an area where BankservAfrica was required to play a partnership role to ensure success.
At the start of the initiative, BankservAfrica identified that the absence of a change management framework could lead to inconsistent communication, misaligned goals, and implementation delays. Prepared with this requirement, BankservAfrica took the decision to appoint Change Logic, a partner with financial expertise and experience in change management, required to keep the project’ s moving parts together, while inside a flexible strategy.
The complexity of modernising South Africa’ s payment ecosystem came into focus during BankservAfrica’ s initiative to implement a Rapid Payment Platform. The Rapid Payment Platform initiative was built around PayShap, a real-time payment system designed to make digital transactions accessible, efficient, and inclusive for all.
Implementing a Rapid Payment Platform
Preparing the participants
Change Logic introduced a comprehensive change management framework, that could both address the immediate needs of the programme and serve as a reusable model for future projects. This framework became the cornerstone of the Enterprise Portfolio Management Office, embedding change management into the core of BankservAfrica’ s operations.
PayShap, South Africa’ s Rapid Payment Platform, is an example of this technology in action. Developed through a collaboration between the South African Reserve Bank and the banking industry, PayShap uses proxy identifiers like mobile numbers, enabling users to send and receive money instantly without needing full bank details.
It is underpinned by high-availability architectures to ensure uptime and resilience and leverages real-time fraud monitoring tools to protect users and institutions.
The change management framework followed three core phases: preparing change, managing change, and reinforcing change. Each phase was designed with specific activities to ensure clarity and ease of implementation. This phased approach provided a structured roadmap for stakeholders, making it easier for even those without dedicated change management resources to align with the plan.
By tailoring these phases to the unique requirements of each participating bank, the framework ensured that
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