Paynet Zimbabwe owns and operates an Electronic Payments Transfer system that automates the process of companies transmitting bulk payment instructions to their corresponding Financial Institution (FI). The system serves to move salaries, credit and Debit Order instructions from corporate entities to their chosen FI .
The system comprises 3 subsystems 1) There are over 1000 companies that have the Paynet client software which prepares, encrypts and transmits payment instructions 2) Paynet Switch which is operated by Paynet acts to route messages from client to FI and back again 3) and finally, Paynet Gateway installed in 22 Financial institutions receives payment instructions and automatically interfaces into the FI’s host system for processing.
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