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
South Africa enhances safety, efficiency & access

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

Esta historia es de la edición October 2021 de Banking Frontiers.

Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.

Esta historia es de la edición October 2021 de Banking Frontiers.

Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.

MÁS HISTORIAS DE BANKING FRONTIERSVer todo
It's a bank and a brokerage - FinecoBank
Banking Frontiers

It's a bank and a brokerage - FinecoBank

FinecoBank of Italy is a highly tech-enabled bank that is a combination of a bank and a brokerage:

time-read
3 minutos  |
November 2024
A model for cloud adoption - Zurich Cantonal Bank
Banking Frontiers

A model for cloud adoption - Zurich Cantonal Bank

The bank is had opted for cloud to offer better service to its customers:

time-read
3 minutos  |
November 2024
RBI Governor urges NBFCs to adhere to fair practices code
Banking Frontiers

RBI Governor urges NBFCs to adhere to fair practices code

The Reserve Bank of India (RBI) Governor has urged Non-Banking Financial Companies (NBFCs) to strictly adhere to the Fair Practices Code, emphasizing sustainable growth and robust risk management in the sector.

time-read
1 min  |
November 2024
Automated, Adaptive, Al-enabled Architecture is a must
Banking Frontiers

Automated, Adaptive, Al-enabled Architecture is a must

Security heads from 2 BFSI companies reveal the key cyberfrauds and strategies to combat them:

time-read
4 minutos  |
November 2024
Fraudsters too gain ground as real-time payment systems grow
Banking Frontiers

Fraudsters too gain ground as real-time payment systems grow

There is a need for the technologies behind the real-time payment systems to gain a march over the methods of fraudsters:

time-read
5 minutos  |
November 2024
Ethics & Challenges of AI in Cyber security: Navigating the Moral Maze
Banking Frontiers

Ethics & Challenges of AI in Cyber security: Navigating the Moral Maze

Even as AI is finding its place in the cyber security domain, an entirely new frontier of ethical challenges awaits.

time-read
3 minutos  |
November 2024
Bangladesh Finance: 25% faster customer service; 15% higher customer retention
Banking Frontiers

Bangladesh Finance: 25% faster customer service; 15% higher customer retention

Bangladesh Finance, established in 1999, is a leading financial institution in Bangladesh.

time-read
5 minutos  |
November 2024
Fino sparkles with technology & brand upshift
Banking Frontiers

Fino sparkles with technology & brand upshift

Fino Payments Bank started operations in June 2017, providing banking services to mass market customers, who are largely rural-based.

time-read
4 minutos  |
November 2024
Savington Upshifts: 48% Faster, Churn down 31%
Banking Frontiers

Savington Upshifts: 48% Faster, Churn down 31%

Savington International Insurance Brokers LLC, founded in 2006 by Dev Maitra, is a prominent insurance provider in the UAE.

time-read
4 minutos  |
November 2024
Zoroastrian Bank: Multiple awards for being the Best
Banking Frontiers

Zoroastrian Bank: Multiple awards for being the Best

Established in 1927 by Sir Hormusjee Cowasjee Dinshaw Adenwalla, Zoroastrian Bank is a prominent urban cooperative bank headquartered in Mumbai, India.

time-read
7 minutos  |
November 2024