The SADC Banking Association is mandated by the Committee of Central Bank Governors in SADC (CCBG) to house and operate the Payment Scheme Management Body for Banks that settle transactions over the SADC RTGS called SIRESS. The SADCBA is therefore a regulated by the CCBG.

In support of regional financial integration, the CCBG's Payment subcommittee, through the SADCBA, is providing commercial banks in SADC with the opportunity to inform the development of financial market infrastructure to support inter and intra-regional trade. Being in the cooperative (non-competitive) space, the focus of the SADCBA's interventions are defining payments instruments, business rules, and messaging standards in the interbank space. The Board of the SADCBA embraces this opportunity and is keen that efforts on this initiative translate to improved customer service, cost reductions, and efficiencies (higher levels of automation and STP) in the cross border payments environment.

The SADCBA's mandate:

  • Set and implement regional standards for payments messaging in-line with international standards
  • Define and Develop of the regional payments instruments
  • Promote the development of interoperable systems
  • Develop business processes, rule books, operating manual, messaging guidelines, and formats in support of regional payments processing and settlement
  • Assume the role of Payment Scheme Management Body for the SADC Integrated Real Time Electronic Settlement System (SIRESS) environment and execute related functions associated with this role including reporting into the Payments SADC Oversight Committee (PSOC).