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Developments

Meetings

In terms of the regional governance framework, each country must be represented at regional meetings of streams organised by the SADC BA. Domestically, participants should have meetings to address issues and apprise stakeholders on the status of the SADC Payments Project. The Namibian banking industry was well represented at regional meetings and action items arising from those meetings were channelled appropriately for industry deliberations locally.

Developments per Stream

The industry addressed issues that arose from various streams during the period under review as shown in the table on the following page:

Table: Developments in Streams
STREAM PURPOSE KEY DEVELOPMENTS
ATM/Card To decide on preferred model for switching, clearing and settlement of ATM/card payments The stream is planned to go live in 2015. Card Associations are being engaged on how they can participate in clearing and settlement processes. Any entity that wants to be an operator should meet regulatory requirements as determined by the Regulators.
Bank Notes To recommend the appropriate means of settling cross-border bulk note transactions. The payment type was implemented on 22 July 2013 under the Credit Transfers for Immediate Settlement Stream.
Cheques To advise on the possibility of eliminating cheques for cross-border transactions. Cross border cheques were eliminated on 22 July 2013 inline with PAN public notice and SADC BA Program of Work for Elimination of Cross-border Cheques.
Credit Transfers for Immediate Settlement To propose appropriate means to settle credit transfers requiring immediate settlement. The stream went live together with the SIRESS system on 22 July 2013. Various transactions are currently being channeled via this stream.
Delivery versus Payments To propose appropriate means for settlement of cross border stock market trades The stream is planned for go live by 2015. While most ofthe documents including busines model and rule book have been developed, others are to be completed by the end of 2014.
EFT Credit To recommend appropriate means for settling low value credit transfers. EFT Credit is planned for go live on 18 Augsut 2014 once SARB has enhanced the SIRESS system and Regional Clearing and Settlement Operator (RCSO) is appointed.
EFT Debit To recommend appropriate means for settling low value debit transfers. EFT debit is planned for go live in 2015 once varous issues including the mandate management sytem have been attended to.
Interbank Settlement To undertake all necessary activities to ensure settlement of interbank transactions. The work stream was instrumental in identifying agreements required for interbank settlement. Most of these agreements have been completed.
Person-to-Person To establish the current regulatory framework for remittances. This is no longer a separate stream as transactions can be effected via any other available and cost-effective low value channel.
Financial Markets To propose processes for settling financial markets instruments. In terms of this stream, the industry reviewed the operational manual and payment processing rules. Further, the industry gave its position on SWIFT accord matching service.
Financial Markets To propose processes for settling financial markets instruments The payment type was implemented on 22 July 2013 under the Credit Transfers for Immediate Settlement stream.
SWIFT Implementation Group To handle matters related to SWIFT. The industry handled all SWIFT issues leading to the implementation of SIRESS on 22 July 2013. SIRESS uses YCOPY service for financial messages.
Joint Implementation Group To attend to all settlement issues given that go live for SIRESS is July 2013. The group played a role in the process leading to implementation of SIRESS on 22 July 2013. Participants took part in testing. The group will be instrumental during the second phase of the SADC Payments Project.
It emerged that many more central banks in the region will participate in cross-border clearing and settlement process especially in areas such as securities, bank notes, electronic fund transfers and other payments.
We will continue informing the public on the developments in these areas.
 

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