2013

Celebration of the Implementation of SIRESS

Celebrations were held at the South Africa Reserve Bank on 28 August 2013 after the successful implementation of SIRESS. The first phase of the SIRESS Payments Project, “Go Live” took place on 22 July 2013 when the CMA (Common Monetary Area) countries, Namibia, South Africa, Lesotho and Swaziland were able to transact on a real time basis for cross border payments using one currency (the ZAR). Participating banks from Namibia, South Africa and Lesotho successfully sent and received cross border payments using the SIRESS system with Swaziland following on the 23 July 2013 due to a public holiday. Central bank representatives and participants from the SADC region were in attendance at this important event.

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Preparing for the Next Payment Stream to be Implemented in SADC

Following the successful launch of the first payment stream to go live in SADC; Credit Transfer with Immediate Settlement on 22 July 2013, plans are now well under way to implement the next payment stream.

The next payment stream that is planned to go live in the first half of 2014 is the Low-value Credit Transfers that will be cleared and settled via a regional clearing and settlement operator (RCSO). Such operators are often referred to as Automated Clearing Houses (ACH’s).

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Delivery VS Payment

In the markets where shares in companies or ownership of government bonds etc. (the securities markets) are traded and transferred, a process is required to ensure that ownership is changed, and payment is made.

This process is known as Delivery vs Payment (DVP). The SADCBA under the leadership of the Mozambique Bankers Association, has created a DVP work stream to define the business model, procedures, and processes for the settlement of cross-border trades in SADC over SIRESS. This work stream is also working with a number of other bodies to ensure a robust approach to DVP in SADC.

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