SADC INTEGRATION
To effectively
discharge the
mandate provided
by the CCBG,
the association
continues to work
with its members to
create the necessary
governance
frameworks, roles,
and structures for
the project.
STRATEGIC DECISIONS
The CCBG have agreed that the project will
be implemented in line with the following
key decisions:
• existing market infrastructures will be
used wherever possible – while allowing
banks choice in providers.
• use of international standards to ensure
interoperability;
• invest for straight through processing;
• each country will keep its own currency
and financial infrastructure;
• regional settlement currency to be the
ZAR (South African Rand);
• start with Common Monetary Area and
build out;
• cross-border cheques to be phased out.
SADCBA’S MANDATE
The CCBG has given the SADCBA a specific mandate in the creation of a single SADC
payments systems area in the region. The mandate is to:
• set and implement regional standards;
• establish which payments instruments are appropriate;
• development of the regional instruments;
• promote the development of interoperable systems.
To effectively discharge the mandate provided by the CCBG, the association continues to
work with its members to create the necessary governance frameworks, roles, and structures
for the project.
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KEY INFRASTRUCTURES
1 An interbank settlement system to be
run by the CCBG will be known as
SADC Regional Electronic Settlement
System (SIRESS)
2 Regional Clearing Capability for EFT
Debits and Credits
3 Regional Clearing Capability for Card
and ATMs
APPROACH TO IMPLEMENTATION
The SADCBA identified 10 payment streams
that needed to be worked on in the project.
THE BANKER
Edition 2