Regulatory Alerts2012-12-11
Added · Updated
Scaling Down of Industry Wide Tests for the Cheque Truncation System (CTS)
The Bank of Zambia issued Circular 23/2012 to commercial banks, directing a temporary reduction in Cheque Truncation System activities to prioritize currency rebasing preparations for January 1, 2013. Stakeholder meetings and industry-wide User Acceptance Tests are suspended until December 31, 2012, while banks must continue specific operational tasks such as disaster recovery site preparation and customer sensitization. These suspended activities are scheduled to resume in January 2013 ahead of the final CTS implementation date on February 1, 2013.
BANK of ZAMBIA
OFFICE OF THE DEPUTY GOVERNOR - OPERATIONS
11 December 2012
CB Circular No: 23/2012
To: All Commercial Banks
SCALING DOWN OF INDUSTRY WIDE TESTS FOR THE CHEQUE TRUNCATION SYSTEM (CTS)
The above matter refers.
Kindly be informed that in view of the heightened activities on the currency re-basing exercise scheduled for implementation on January 1, 2013, commercial banks are advised that the Cheque Truncation System activities will be scaled down for a period leading to December 31, 2012 in order to allow banks concentrate their resources towards currency rebasing. During this period, there will be no stakeholder meetings and industry wide User Acceptance Tests (UAT).
Commercial banks, however, are expected to continue with the following tasks:
- Preparations of the Disaster Recovery Sites
- Issuance of CTS ready cheques to customers and submission of weekly returns to ZECHL
- Sensitization of customers on the Cheque Truncation System
- Refinement of system software with respective Vendors
The industry wide UATs and stakeholder meetings will resume in January 2013 until implementation date set for February 1, 2013.
Kindly be guided accordingly.
P. P. Bwalya K. E. Ng'andu (Dr)
DEPUTY GOVERNOR - OPERATIONS
Cc:
Governor
Deputy Governor – Administration
Acting Director – Banking, Currency & Payment Systems
Manager – ZECHL
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