VALR, the fast-growing South African exchange, has announced a feature allowing instant ZAR withdrawals upon request, rather than batch payment processing at certain withdrawal windows of the day, as it currently happening.
The new feature dubbed, Blitz Processing, allows users to receive immediate bank settlements with a simple click of the ‘withdraw’ option.
Speaking to BitcoinKE, Farzam Ehsani, CEO, VALR, said:
“We are delighted to provide our customers the very fastest way in the market to withdraw their money to their own bank account. Through a combination of our Blitz Processing capability – VALR’s automated straight-through processing feature – as well as our Fast Withdrawal feature – our ability to do real-time clearing payments – VALR customers will see their money in their bank account withing minutes of ‘clicking withdraw.'”
The feature however is limited to South African bank’s ability to process payments, and thus is limited to the hours of 0800HRS – 1800HRS every day, Monday to Saturday, with no availability on Sundays and public holidays. In addition, any amount can be processed up to 15:55HRS but after that time, payments over R250k get pushed to following business day, a constraint imposed by the banks.
⚡BLITZ⚡Processing for ZAR Withdrawals!
Introducing VALR's automated straight-through processing of rand withdrawals directly to the bank MON-SAT 08h00-18h00.
No more waiting. It's live now.
Learn more: https://t.co/TwGTU7qUaf
— VALR (@VALRdotcom) April 9, 2020
Blitz Processing and Instant Withdraws now means VALR is arguably the only exchange in South Africa to offer the fastest withdraw options to client bank accounts.
The real-time payment processing is available on most major banks with only a select newer banks not being able to offer this service. Farzam however is in talks with participating and newer banks to improve on service even further.
With many exchanges seeing tremendous growth in user uptake, VALR has also likewise experienced a huge spike in its user base:
“We have seen increased volumes on VALR since the COVID-19 crisis started. March was our second highest trading month to date – we facilitated R1bn in trading.”
~ Farzam Ehsani, CEO, VALR
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