Regulatory Alerts2024-09-05
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Bank of Zambia Circular No. 15 of 2024 on Delayed Crediting of Funds to Beneficiary Accounts
The Bank of Zambia directs commercial banks to align their core banking systems with Straight Through Processing requirements for all Zambia Interbank Payment and Settlement System transactions. This directive addresses customer complaints over delayed fund crediting by mandating real-time tracking through ISO 20022 Unique End to End Transaction Reference Numbers. Banks must comply with Section 5.7 of the ZIPSS Rules to preserve payment efficiency and sustain public adoption of digital financial services.
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