Regulatory Alerts2024-01-26
Directive (PSDIR-8) on Straight-Through-Processing within the Namibia Interbank Settlement System
The Governor of the Bank of Namibia issued Directive PSDIR-8 under the Payment System Management Act, 2023, to mandate system participants in the Namibia Inter-Bank Settlement System (NISS) to implement straight-through-processing. This requirement aims to enhance efficiency, reduce settlement risks, and lower transaction costs by automating the end-to-end processing of payment transfers without manual re-keying. All system participants must successfully implement these automated processes on or before 30 October 2025, with non-compliance constituting an offence subject to penalties.
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