Regulatory Alerts2020-01-01
Upgrade of the RTGS and CSD Systems
The Bank of Zambia mandates all commercial banks to allocate resources and nominate staff for the comprehensive upgrade of the Real Time Gross Settlement (RTGS) and Central Securities Depository (CSD) systems. This transformation aligns the Zambia Interbank Payment and Settlement System with SWIFT’s ISO 20022 messaging standards, enhances cybersecurity, improves operational resilience, and enables straight-through processing for government securities. Banks must assess system impacts, ensure timely preparatory works, and submit nominee details to the Director of Banking, Currency and Payment Systems by January 17, 2020 to guarantee a coordinated market changeover.
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