A group of staff members of the Reserve Bank's Business Systems and Technology Department has decided to leave the Bank in order to establish a company of their own in the near future. This group includes Dr P.J. Tromp, Mr E. Leach, Mr J.H. Smit and Ms I. Ströh.Since 1993 the Reserve Bank has been involved in the development of a new national payment system (NPS) for South Africa, in co-operation with the banks. The first and second versions of the South African Multiple Option Settlement System (SAMOS system) of the NPS were implemented by the Bank in March and October 1998, respectively, and the system is now in full operation. The third and final version, to provide for same-day finality as well as continuous processing line settlement, is scheduled for completion in July 1999. In the process of developing the NPS, the Reserve Bank supported and assisted the NPS team in their acquisition of specialist knowledge that was also used to assist in the development of other technology-based financial systems. In addition, the Bank involved the team in the development of payment and technology systems of other Southern African Development Community (SADC) countries, as part of the South African Reserve Bank's contribution to financial co-operation in the SADC. The departure of some members of the team will not affect the Reserve Bank's internal information technology systems, but has implications for the way in which the NPS will be maintained and completed. Accordingly, the Bank has decided to contract out some functions relating to the completion and maintenance of the NPS. The Reserve Bank regards the NPS as a core central bank function that is of strategic importance, not only to the Bank but also to the entire financial system. For this reason, the Bank has assumed responsibility for the oversight of the NPS and, together with the banks, for the management and maintenance of the system. The Bank, therefore, will ensure that its own internal capacity to fulfil these responsibilities is rebuilt as soon as possible. To the extent that the required capacity may be insufficient in the short term, after the departure of some members of the NPS team, assistance will be requested from participating banks and other central banks, or the Bank will enter into contracts with the new company and other consultants to ensure that the functioning of the NPS is not disrupted in any way.The Bank is now in the process of identifying those activities in which it should negotiate contracts with the new company and other consultants, while rebuilding its skills in the shortest possible time.Media enquiries may be directed to Dr C.J. de Swardt, Deputy Governor with responsibility for information technology, at telephone 012 313-3613. ​