Regional Payment & Settlement System (REPSS ) COMESA CLEARING HOUSE Payment Systems Department
COMESA Common market of eastern and southern Africa is a free trade area with nineteen member states stretching from Libya to Swaziland. Payment Systems Department
COMESA MEMBERS ZAMBIA BURUNDI CONGO, DR COMOROS RWANDA DJIBOUTI MAURITIUSNDA ERITREA KENYA ETHIOPIA MALAWI LIBYA SWAZILAND MADAGASCAR UGANDA SEYCHELLES EGYPT ZIMBABWE SUDAN Payment Systems Department
Common Market For Eastern & Southern Africa COMESA Payment Systems Department
REGIONAL PAYMENT AND SETTLEMENT SYSTEM (REPSS) Payment Systems Department
• Is a Payment system that links central Banks Where the commercial banks can participate only through central banks. • Current Settlement Currencies are US Dollar and Euro. Payment Systems Department
REPSS Payment scheme A A B B Customer A Customer B (Payer) (Beneficiary) Payment Systems Department
Payment Exchange Process Commercial bank sends payment to Central bank Central Bank sends payment to REPSS REPSS includes this payment into clearing, settles Session results through Settlement Bank. REPSS routes a payment to Receiving Central Bank . Central Bank Sends it to Commercial Bank – Receiver Commercial Bank receives payment and distributes it to Customer-Receiver Payment Systems Department
REPSS Central Banks Participants Central Bank of Egypt Central Bank of Kenya Bank of Zambia Reserve Bank of Malawi Banque Central du Congo Central bank of Swaziland National Bank of Rwanda Bank of Uganda Bank of Mauritius Payment Systems Department
Stakeholders Roles Payment Systems Department
REPSS Stakeholders • REPSS. • Bank of Mauritius • Central Bank of Egypt • Commercial banks Payment Systems Department
Stakeholders Roles Bank of REPSS Mauritius Roles Role Clearing Settlement house Bank System Operator Payment Systems Department
Stakeholders Roles Central Bank of Egypt Roles Direct Participant in the REPSS Managing Commercial Banks indirect participation to the REPSS System Payment Systems Department
Stakeholders Roles Commercial Bank Roles Indirect participant in the REPSS Clearing house Banks will use their foreign currency accounts at CBE to fund their REPSS transactions Interact with clients requests Payment Systems Department
Benefits • Reduces foreign correspondent banking charges • Reduces settlement time period • Provides high trust channel as payments are exchanged through central banks. Payment Systems Department
REPSS Phases Phase 1 Phase 2 • Live operation status, CBE • CBE working on study to decrease participated May 2017 settlement time to T+0 • Targets the normal funds transfer • instructions that are not dependent Enrich the system with payments on any conditions e.g.. individuals ’ that are dependent on such & corporate payments. conditions as trade finance transactions and cash against • Settlement on T+1 basis documents in addition to normal fund transfer instructions Payment Systems Department
REPSS Accepted Messages Types • MT103 • MT202 Payment Systems Department
REPSS work flow - Outgoing transaction Use Case Business Day T+0 1. Commercial bank sends MT103 to CBE requesting for a payment to another participant on the REPSS system on T+0 business day. 2. Commercial instructs his correspondent bank to cover CBE correspondent with total value of REPSS payments on T+0 business day . Payment Systems Department
REPSS work flow - Outgoing transaction Use Case Business Day T+1 1. At start of day, CBE will check with its correspondent bank the settlement of cover payment Payment Systems Department
REPSS work flow - Outgoing transaction Use Case 2. If settlement confirmed, CBE forwards to REPSS the transactions sent by the commercial bank on T+1 3. If settlement rejected, CBE will reject the transaction Payment Systems Department
REPSS work flow - Incoming transaction Use Case Business Day T+0 1. CBE Receives a credit notification in favor of Egyptian commercial banks from REPSS system on T+0 business day 2. CBE at end of day credits the commercial bank account and forwards original MT103/MT202 received from REPSS on T+0 business day Payment Systems Department
Operation Schedule Window Name Time Activity Start value day 8:30 AM Bank can send MT103 for messages in Banks to CBE Exchange 8:30 AM to 2:30 PM addition to MT210 for crediting their window accounts Only payment that was credited with Clearing and approval 2:30 PM to 3:00 PM MT210 will be accepted Forwarding credit CBE forwards Credit messages received 3:00 PM to 3:30 PM Messages from REPSS to commercial banks books Sending MT950 3:30PM CBE sends MT950 to commercial Banks Payment Systems Department
REPSS Support Team E-mail: REPSS.helpdesk@cbe.org.eg Hotline: (+20) 27701550 Payment Systems Department
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