South Africa enhances safety, efficiency & access
Banking Frontiers|October 2021
In March 2018, the South African Reserve Bank (SARB) published the National Payment System Framework and Strategy – Vision 2025, with the overarching vision to enhance the safety, efficiency and accessibility of the national payment system in a manner that promotes competition and minimises risk to the payments ecosystem by leveraging technological developments to extend the availability of digital payments to all sectors of society while meeting domestic, regional and international requirements for the benefit of all members of South African society. Vision 2025 comprises 9 goals.
Mehul

VARIOUS PAYMENT SYSTEMS

The 4 key payment systems in South Africa are as follows.

  • South African Multiple Option Settlement (SAMOS) system is a high value realtime gross settlement (RTGS) system for domestic transactions – owned and operated by the SARB.

  • BankservAfrica is a retail payment system that clears retail transactions and operates both nationally and within Africa. Strate (Pty) Limited as a Payment Clearing House System Operator, operates the large value payment system that clears the delivery and payment legs of equities, bonds, and money market transactions.

  • The Southern African Development Community Real-time Gross Settlement System (SADC-RTGS) is a large value payment system that settles crossborder transfers that require immediate settlement within SADC. It is owned by SADC central banks and operated by the SARB.

  • Continuous Linked Settlement (CLS) system is a large value payment system that settles foreign exchange transactions in designated currencies, including the South African rand.

FRAMEWORK AND STRATEGY

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