The SAMOS system is a real-time gross settlement (RTGS) system owned and operated by the SARB. It was introduced on 9 March 1998 and is linked to various participating banks, clearing systems and operators.
The SAMOS system facilitates the settlement of domestic individual high-value payment transactions, retail transaction batches, and bond and equity market settlement obligations. It is an automated system that settles obligations in real- time or in a delayed settlement arrangement.
Each settlement participant has an account with the SARB from which interbank settlement obligations are settled. Participants must provide enough funds to ensure that the settlement system functions smoothly. Settlement in SAMOS is considered final and irrevocable and is based on a pre-funded (credit push) principle. When the necessary funds are available, settlement takes place immediately. If a bank has insufficient funds available in its settlement account, the SAMOS system will automatically grant a loan to the bank against acceptable collateral and settlement will then take place. However, when there are neither sufficient funds nor sufficient collateral for a loan, settlement will not take place.
In the late 1980s, central banks and standard-setting bodies became increasingly concerned about the risks associated with payment systems. With global efforts to address these risks and South Africa’s reintegration in the world economy in the early 1990s, the industry recognised that the national payment system required better organisation and regulation.
The Bank for International Settlements’ Committee on Payments and Market Infrastructures published reports and guiding principles on how to address the risks and regulatory oversight responsibility of payment systems.
As early as 1993, the SARB initiated discussions with the banking industry to modernise the domestic payment system. In April 1994, the SARB launched a project to reform the system by formulating a strategy that would enable South African banks and other intermediaries in the payment system to align the needs of the domestic economy with developments in the international community. The process culminated in the SARB’s publication in 1995 of the South African National Payment Systems Framework and Strategy, commonly known as the “Blue Book”.
The SAMOS system was launched on 9 March 1998. The settlement arrangement facilitated by the SAMOS system placed South African settlement practices on par with international best practice.
Settlement system participants
|ABSA Bank Limited||Citibank N.A.||J.P. Morgan Chase Bank, N.A. (Johannesburg Branch)|
|Access Bank (South Africa) Limited||CLS Bank International||Nedbank Limited|
|African Bank Limited||Discovery Bank Limited||Sasfin Bank Limited|
|Albaraka Bank Limited||Finbond Mutual Bank||SADC Integrated Regional Bankh|
|Bank of China Limited Johannesburg Branch||FirstRand Bank Limited||Standard Chartered Bank - Johannesburg Branch|
|Bank Zero Mutual Bank||Grindrod Bank Limited||State Bank of India|
|Bidvest Bank Limited||Habib Overseas Bank Limited||The Standard Bank of South Africa Limited|
|BNP Paribas SA||HBZ Bank Limited||The South African Reserve Bank|
|Capitec Bank Limited||HSBC Bank plc - Johannesburg Branch||Tyme Bank Limited|
Mercantile, A division of Capitec Bank Limited - Capitec2
|Investec Bank Limited||UBank Limited|
China Construction Bank Corporation Johannesburg Branch
|Icici Bank Limited||VBS Mutual Bank|
SAMOS operates seven days a week. The settlement day starts at one second after midnight and closes at midnight.
|Weekday||November to March||April to October|
|Monday – Friday||07:30 – 17:00||06:30 – 17:00|
|Sunday & public holidays||Closed||Closed|
|Contact numbers:||0861 SAMOS2 (0861 726672) or 012 313 4961|
|Emergency number:||082 805 6822|
Maintenance is done on the SAMOS system every Sunday between 06:00 and 17:00. During this time, SAMOS is not available to participants for settlement.
The SARB is working with the payment industry to replace the existing real-time gross settlement (RTGS) system with a new-generation RTGS solution. The new system will cater to requirements stemming from payment innovations, regulatory changes and the evolving business landscape.
The objective of the project is to improve integration with external systems and make processes more visible so that the system is easier to use. The new RTGS system will enable modular design, quicker development turnaround time, and reduced time to market for changes made in the payment environment. It will also cater for multi-currency functionality and will offer rich message content.
The South African Reserve Bank (SARB) is the operator of the South African Multiple Option Settlement (SAMOS) system, the real-time gross settlement (RTGS) system that facilitates settlement of domestic transactions in South Africa. Self-assessments are conducted against the PFMI issued in April 2012 by the Bank for International Settlements' Committee on Payments and Market Infrastructures (CPMI) and the Technical Committee of the International Organization of Securities Commissions (IOSCO). A self-assessment outlines the observance of the principles based on the status of operations of the SAMOS system.
|06||:||SAMOS System Maintenance|
|01 - 31||:||SAMOS Change Freeze|
|01 — 13||:||SAMOS Change Freeze|
|17||:||SAMOS system Maintenance|
|13||:||SAMOS BCP/DR testing|
|14||:||SAMOS system Maintenance|
|18||:||CLS Communication Test|
|14||:||SAMOS system Maintenance|
|16||:||BankservAfrica BCP Testing|
|23||:||STRATE BCP Testing|
|13||:||SAMOS User Group Meeting|
|17||:||MIRS BCP Testing|
|18||:||SAMOS system Maintenance|
|24 - 25||:||Swift Cold Start simulation|
|11||:||MasterCard BCP Testing|
|16||:||SAMOS system Maintenance|
|25||:||CLS Full Outage Contingency Tests|
|16 - 17 July||:||Rotation from H/O to A/S failover for 1 Month|
|SAMOS running live from the Alternate Site|
|19||:||SAMOS BCP/DR Test|
|20||:||SAMOS system Maintenance|
|17||:||Rotation from A/S to H/O failover|
|18||:||SAMOS system Maintenance|
|23||:||SAMOS User Group Meeting|
|15||:||SAMOS system Maintenance|
|23||:||CLS Communication Test|
|11||:||MIRS BCP Testing|
|12||:||SAMOS system Maintenance|
|14||:||MasterCard BCP Testing|
|17||:||MIRS Business Continuity (BC) exercise|
|9||:||SAMOS BCP/DR Test|
|10||:||SAMOS system Maintenance|
|12||:||STRATE BCP Testing|
|19||:||BankservAfrica BCP Testing|
|22||:||SAMOS User Group|
|13 - 14||:||Swift Global OPC Recovery simulation|
|15||:||CLS Full Outage Contingency Tests|
|21||:||SAMOS system Maintenance|
|01 — 31||:||SAMOS Change Freeze|
|12||||SAMOS system Maintenance|
|01 — 10||:||SAMOS Change Freeze|