Regulatory Alerts2012-09-03
Banking Circular No 2 of 2012 - Implementation of New Banking System
The Central Bank of Kenya is adopting new banking software effective from April 2nd, 2012. As part of the go-live preparations, the KEPSS system will close at 2:30 pm on March 30th, 2012, with the final cut-off being at this time. Banks are to ensure their operations align with these changes. The Central Bank has advised commercial banks of this operating schedule for March 30th, 2012.
BANKI CENTRAL KUU YA BANK OF KENYA KENYA 22nd March 2012 Haile Selassie Avenue P. O. Box 60000 - 00200 Nairobi, Kenya Telephone: 2860000, Fax: 340192 BANKING CIRCULAR NO 2 OF 2012 TO: CHIEF EXECUTIVES OF COMMERCIAL BANKS
Implementation Of New Banking System
The Central Bank of Kenya is in the process of adopting new banking software that is scheduled to go-live on April 2, 2012. A meeting with Treasury Managers and Operations' officers of all commercial banks was held on 13th March 2012 and agreed that as part of go-live preparations the KEPSS system will close at 2.30pm on 30th March 2012 to enable the Bank prepare effectively for migration to the new system. The purpose of this Circular is to inform commercial banks that the KEPSS Operating Schedule on 30th March 2012 will therefore be as follows: Window I Window 2 8.45 AM to 1.30 PM (Initial Cut-Off) Participants can send & receive payments (MT I O2 MT 103 & MT202) .
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Net settlement instructions.
1.30 PM to 2.30 PM Closed to new payments except for bank-to-bank and account .
transfers (MT202) .
Queue clearance and gridlock resolution .
Participants fund their accounts for ILF reversal.
2.30 PM No further inputs accepted .
Transaction in queue not settled are rejected .
System close - 2.30 pm.
Final cut-off (FCO) Please note that there will be no window extension and future payment in KEPSS on 30th March 2012.
JACKSON M. KITILI DIRECTOR, BANKING SERVICES, NATIONAL PAYMENTS SYSTEM