Innovation

The payments revolution

The jury is out on what the blockchain’s core business or social benefits will be.

03 March 2017

I bank with one bank; you with another; and now I want to pay you. What could be simpler? In theory, the banks just have to come to some kind of agreement to organise the flow of money between them.

In reality, as Chris Hamilton, CEO of South Africa’s clearing house BankservAfrica, puts it with a dash of understatement, ‘it’s a complicated thing’. BankservAfrica has to reconcile all these transfers between banks; this is known as clearing.

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