The Southern African Development Community Real Time Gross Settlement (SADC-RTGS), a regional cross-border system in the SADC region, has successfully migrated to the ISO 20022 messaging standard as of 10th June 2024. ISO 20022 is a global open standard for payments messaging that creates a common language and model for payments data across countries.
The SADC-RTGS is an integrated regional electronic settlement system facilitating cross-border transactions across Southern Africa. It is operated by the South African Reserve Bank (SARB) on behalf of participating SADC central banks. The migration to the new ISO 20022 payments messaging format is a major achievement for the SADC region. It will enable faster payments processing, increased automation, and improved reconciliation processes, benefiting end users.
This is a key milestone in the financial integration of the SADC region and is worth celebrating.
sadc.net
