In a SADC Workshop attended by the MCCI, from 6-8 December 2017, in Johannesburg, participants, which included representatives of Central Banks, Ministries of Industry and Trade, and Chambers of Commerce and Industry were apprised of latest developments on the SADC Integrated Regional Electronic Settlement System (SIRESS).
The Regional Payment system of SIRESS currently has more than 84 banks and enables direct cross-border interbank payments on a real-time basis. The system is cost-friendly with minimization of the use of correspondent banks. Payments are currently done in South African Rand (ZAR). The SIRESS system currently processes around 25,000 transactions monthly, worth approximately ZAR 100 Billion.
As at 31 March 2017, banks from 14 of the 15 SADC countries were participating in SIRESS. Madagascar has indicated its intention to have its banks join SIRESS in the near future. In Mauritius, the following banks are presently members of the SIRESS and operators in the SADC Region can request their banks to use SIRESS whilst conducting payment to ensure swift and lower cost of transactions.
- Mauritius Commercial Bank (MCB)
- Standard Bank
- Barclays Plc
- Standard Chartered Bank
As per the Banking Act, all banks who are members of SIRESS should follow instruction of their client and any discrepancy can be reported to the Bank of Mauritius (BOM).
Following decision by the Council of Central Bank Governors, SIRESS is implementing a Multi-Currency Project, with the inclusion of the US Dollar expected by August 2018.
Read more here on the on-going SIRESS Multi-currency project.