Workshop on SADC Integrated Regional Electronic Settlement System (SIRESS)

The key areas of focus of this scheme include:

• payment standardisation – All participants must be able to send or receive transfers using the ISO 20022 standard;
• connectivity – All participants must decide on the method of connectivity and direct hubs must formalise network protocol standard with RCSO;
• Settlement – The RCSO calculates the amounts owing between the banks (for their own transfers), as well as, for any non-bank that they settle on behalf of and sends the instructions to SIRESS; and
• Regulation - Harmonised mobile payment regulation being adopted by regulators.

The SIRESS will benefit non-banking financial institutions through:

• One connection allowing non-banks to send to or receive from any of the other participants in the scheme that they wish to do business with; and
• Increased coverage for client base.