Regulatory Alerts2018-01-01
National Payments Systems Directives on Processing of DDACC Instructions and Funds Transfers on ZIPSS, 2018
The Bank of Zambia issued the 2018 National Payments Systems Directives to regulate and standardize the processing of direct debit and credit clearing instructions alongside funds transfers on the Zambia Interbank Payment Settlement System. The directives mandate strict transmission and settlement timeframes for direct credits, direct debits, and real-time gross settlement transactions while delineating specific operational responsibilities for originating banks, receiving banks, and customers. Non-compliance with these service standards and customer obligations carries penalties of up to two hundred thousand penalty units or three years imprisonment, with a formalized seven-day complaints resolution procedure established for disputes.
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