How do I automate IBAN and intrabank transfers?

I'm building a solution in Africa to automate money transfers between accounts in different banks (IBAN) and accounts in the same bank. This is because I'm working on a startup whose business model requires is to have accounts in different banks (wherever it has customers), to transfer money between those accounts (so they all have the same balances) and to transfer money to customer accounts instantly (in same bank). It's a tedious process to do this manually (go to bank, fill forms, wait 3+ days). I assume banks have software to do this, but any research I've done about IBAN and bank transfers only talks about the regulations and "how the process works" and technically (platforms, OS, APIs, security, requirements, PCI, etc). Is it at all possible for an external party (not a bank) to make an automated transfer from its accounts to other accounts locally or between banks? PS: I understand my questions shows how little in know of the industry, and I'm aware how much research lies ahead, so please bear with me.


A local service provider who would be a switch operator "might" be able to provide this service (provided they operate Nostro accounts with all the banks). No international service provider would be able to provide this, as they usually connect with a single Financial Institution, who serve as their local settlement and processing bank. What you are trying to do may be possible if you have access to the ATM switch rails, but then, daily limits between transfers will apply.

Having said this, this comes under the purview of transaction banking and I know exactly what you are trying to do (have a local P2P payment model that settles instantly, by taking local payment from Sender in his bank account, and paying out to Receiver in their bank account - where you also have an account).

Until and unless each bank provides you APIs and rails to their internet banking, it would be a manual task pretty much trying to do this.

Answered 5 years ago

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