1998-10-05: Press release issued by the General Manager Business Systems and Technology : Implementation of intraday settlement
Last Modified Date:
2020-10-08, 08:17 PM
Media > Media Releases
Implementation of intraday settlementThe South African banking industry successfully implemented the second phase of the South African Multiple Option Settlement (SAMOS) system on Monday 5 October 1998. This important step follows the successful implementation of the first phase of the system on 9 March this year.The SAMOS system provides an online, real-time facility, by means of which banks can electronically transfer funds to one another across their accounts at the SA Reserve Bank. The introduction of phase two enables banks to obtain final and irrevocable settlement at the time that the fund transfer instruction is processed by the SAMOS system. This step brings the South African National Payment System in line with what is available internationally and presents an important milestone in the reduction of payment-related risks in the financial system. It also creates the necessary payment infrastructure to support the modernisation of the South African financial markets. Initially, intraday settlement will be for a period of 4 hours per day only.At the same time the number of banks utilising the SAMOS system was increased from 21 to 24, of which 8 are foreign banks.