TymeBank is leveraging its Pay2ID system to address South Africa’s R90 billion in unclaimed benefits. Partnering with Motor Industry Fund Administrators (MIFA), TymeBank has facilitated R200 million in payments to approximately 20, 000 beneficiaries, using biometric verification. The Pay2ID solution, initially designed for business client disbursements, enables the matching of unclaimed assets by biometrically verifying individuals against Home Affairs and SARS data. However, the system will only run this if one is a TymeBank customer. The bank seeks to leverage this by prompting people to open a TymeBank account to see if they have any unclaimed benefits and in so doing increase their customer base.
