sadc payments initiatives and regional...
TRANSCRIPT
SADC Payments initiatives
and regional oversight
Tim Masela
South African Reserve Bank
Turin, Italy
20 September 2016
Southern African Development Community (SADC)
Madagascar
Contents
EFT Credit Stream Implementation
SADC Mobile Money Guidelines
Mobile to Mobile Initiative
SADC Payment System Model Law
Regional Oversight Arrangements
QB March 2011
EFT Credit Stream Implementation
QB March 2011
EFT Credit Transfers Project
Status
– SADC Bankers Assocoation and has completed the business
models
– Initial Proof of concept to start in the 4th Quarter 2016 in the
Common Monetary Area Countries
– Workgroups
• Operational & Technical
• Regulatory
• Commercial
– Appointed Regional Clearing House Operator will provide interim
solution
– On going engagement with stakeholders and other role-players
– Individual member countries working closely with clearing banks
in their jurisdictions
SADC Mobile Money Guidelines
QB March 2011
Ecosystem
QB March 2011
Project Methodology and Stakeholder Input
QB March 2011
SADC Regulatory Findings
QB March 2011
Selected Regulatory Guidelines
Mobile to Mobile Initiative
QB March 2011
Payment System Integration – Cross-border Projects
M2M - Objective
– Infrastructure for processing cross-border transactions
that are not catered for by the mainstream financial
services products by increasing access points and using
mobile to mobile technology
– Reduce low value cross border transaction costs
(decrease costs of sending cross border remittances)
– Increase competition in the market
Mobile-2-Mobile
Role players
– SADC Payment system sub-committee (Central Banks)
– SADC Banking Association
– BankservAfrica, appointed as Regional Clearing and
Settlement operator for low value credit transfers
– Commercial Banks
– Mobile-cellular operators
– Support Payment Processing Service providers to Mobile
operators
– Bill and Melinda Gates Foundation (funder of workshops)
Outcome
– Provision of efficient and cost effective cross border
remittance services and address the Financial Inclusion
Mobile-2-Mobile model – SIRESS and RCSO Infrastructure
Payments cleared and settled on the SADC regional clearing and
settlement infrastructure
Mobile-2-Mobile model –RCSO Infrastructure and correspondent banks
Payments cleared on the SADC regional clearing infrastructure and
settled via correspondent banks
Timelines
Activity Tentative Dates
Prepare Statements of work and test packs September to mid October 2016
Joint session to finalise POC testing and dates Mid November 2016
Testing Mid January 2017 end April 2017
Finalise testing and report back to all participants
regulators and other stakeholders
End of April 2017
Prepare ready participants for production testing Mid May 2017
Timelines …
Activity Tentative Dates
Start production testing End May 2017
Report back to stakeholders on progress testing 30 July 2017
Participants to get regulatory approval for Go Live Mid August 2017
Go Live To be advised by the regulators
QB March 2011
SADC Payment Model Law
QB March 2011
Outline
Chapter I – Preliminary Provisions
Chapter II - Mandate, Powers and Functions of the
Bank
Chapter III - Access and Regulation of Payment System
Participants
Chapter IV - Supervision of Clearing and Settlement
Systems
Chapter V - Payment Services
Chapter VI - Insolvency Provisions
Chapter VII - Electronic Communications and
Information Management
Chapter VIII - General Provisions
QB March 2011
Regional Oversight
QB March 2011
Regulatory Regime
No SADC law
Current SIRESS Legal Framework
– Contractual arrangements
SADC Payment System Oversight Committee (SADC PSOC)
– MoU for Co-operative oversight arrangements
– Recognition of SADC PSMB
Harmonisation of legal and regulatory framework
– Countries and SADC-wide assessment (Done)
– SADC Payment System Model Law
Governance Framework
SIRESS Legal Framework – Contractual arrangements
SARB
(SIRESS System
Operator)
SADC Central Banks
SIRESS
Participants
Appointment of the
SARB as SIRESS
System Operator
Stakeholders
Agreement
SIRESS
Participant
Settlement
Agreement.
SIRESS Service
Agreement.
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SADC Payment System Oversight Committee (PSOC)
– Participating Central Banks
– Member countries can discharge their domestic oversight
policy objectives within the regional clearing and
settlement system
Legal and governance framework
– Contractual arrangements
– SARB appointed as the Operator of the system by the
participant Central Banks
SADC Payment Scheme Management Body
No change to domestic regulatory provisions
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Payment System Project – SIRESS –Governance Framework
Source: SADC Bankers Association
SADC PSOC
SADC PSMB
Payment Scheme Rule
Books
• Access Criteria
• Disputes
• Finality
SIRESS
DVP
RCSO
SLA’s & other
operating
agreements
Payment Scheme
• Ensure CPSS IOSCO
compliance
• Oversee SIRESS, RCSO
IMMS Card
11/15/2016 32
QB March 2011
QB March 2011
QB March 2011
Questions??
QB March 2011