Analysis of the use of the RTGS Systems by SADC countries
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1 SOUTHERN AFRICAN DEVELOPMENT COMMUNITY PAYMENT SYSTEM PROJECT Southern African Development Community (SADC) Clearing and Settlement Project Analysis of the use of the RTGS Systems by SADC countries Prepared by the SADC Payment System Project Team February
2 SOUTHERN AFRICAN DEVELOPMENT COMMUNITY PAYMENT SYSTEM PROJECT 1. EXECUTIVE SUMMARY The survey was a result of a concern raised at the Committee of Central Bank Governors (CCBG) meeting in September 2007 that the Real-Time Gross Settlement (RTGS) systems in the SADC countries were possibly not being used efficiently. The SADC Payment System project team (the project team) set out to establish if this were true, through a survey with the member countries at the beginning of The survey focused on obtaining information related to the RTGS participants, the clearing process, statistics on values and volumes cleared and settled on the system, and the availability of the systems to users. It also sourced information separately for retail, securities, and real-time processing. The information was sourced in local currency and converted to US Dollar amounts. The analysis highlights issues the different countries have to contend with, and is being used to identify whether countries need assistance, and isolates areas of their operations that they do. 2. GENERAL NOTES The analysis is done on 2007 data Values are displayed in millions in US Dollar amounts. Volumes are reflected as an exact amount. 3. THE FOLLOWING GRAPHS ARE DEPICTED Retail settlement as a percentage of total value settled Retail value settled as a percentage of retail value cleared Transactions rejected as a percentage of total transactions Rejected messages because of insufficient funds as a percentage of total rejected messages Wrongly formatted transactions as a percentage of total transactions rejected The average value settled per day in USD The total downtime for the year in minutes The number of times was the system not available to participants during the year The average downtime per incident in minutes The average downtime per month in minutes 2
3 Southern African Development Community Payment System Project Analysis of the use of Real-Time Gross Settlement (RTGS) systems by SADC member countries
4 All values are in millions, in US Dollars All volumes are reflected as an exact amount
5 Percentage of commercial banks that settle on the RTGS What % of commercial banks set t le on t he in RTGS 100.0% 80.0% Percentage 60.0% 40.0% 20.0% 0.0% 94.0% 100.0% 100.0% 100.0% 75.0% 100.0% 30.3% 100.0% 100.0% 100.0% 100.0% 1. Banks that settle on the RTGS system have accounts in the settlement system at central bank. Funds are transferred across these accounts.
6 Value in USD settled directly on RTGS (Excluding SA) Value in USD settled directly on RTGS (excluding SA) Value settled in RTGS Angola Bot swana Lesot ho Malawi Maurit ius Namibia Sout h Africa Swaziland Tanzania Zambia Zimbabwe These figures exclude batches.
7 Value in USD settled directly on RTGS (Including SA) Value in USD settled directly on RTGS (Including SA) Value settled in RTGS Same as previous slide, with South Africa now included.
8 Retail settlement as a percentage of total value settled Retail settlement as a % of total value settled 30% 25% Percentage 20% 15% 10 % 5% 0% 5.3% 2.9% 6.8% 0.1% 0.0% 30.0% 9.3% 18.3% 27.1% 7.1% 4.1% 1. Retail payments are settled in batches. 2. Mauritius settle only real time.
9 Retail value settled, as a percentage of retail value cleared Retail value settled, as a % of retail value cleared 100.0% 80.0% Percentage 60.0% 40.0% 20.0% 0.0% 49.1% 100.0% 39.8% 0.3% 0.0% 100.0% 57.3% 31.2% 100.0% 20.3% 50.0% 1. The purpose of this slide is to evaluate the effect of netting on the settlement process. 2. This has an effect on liquidity management. 3. Mauritius settle only real time.
10 Transactions rejected as a percentage of total transactions Transactions rejected as a % of total transactions % of transactions rejected 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0 % 0.5% 0.0% 3.6% 0.9% 1.0% 0.1% 0.0% 0.3% 0.1% 0.8% 2.3% 1.9% 0.5% 1. These are real-time submissions of settlement transactions. 2. The following two slides indicate reasons for the rejection. 3. The percentage on the slides add to 100% of each country. If figures do not add up to 100% it could be for reasons other than formatting and insufficient funds.
11 What percentage is rejected for insufficient funds What % is reject ed f or insuf f icient f unds 100% % rejected, insuficient funds 80% 60% 40% 20% 0% 8.1% 5.4% 2.7% 72.6% 0.0% 7.0% 0.4% 2.7% 26.6% 3.7% 93.5% 1. This data should be interpreted in conjunction with the previous slide transactions rejected as a percentage of total transactions. 2. This could indicate issues in liquidity management..
12 Wrongly formatted transactions as a percentage of total transactions rejected Wrongly f ormat t ed t ransact ions as a % of t ot al t ransact ions reject ed 100.0% 90.0% % rejected, wrongly formated messages 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% 91.9% 94.6% 97.3% 27.4% 100.0% 93.0% 99.6% 97.3% 73.4% 96.3% 6.5% 1. This data should be interpreted in conjunction with the previous slide transactions rejected as a percentage of total transactions. 2. This could include a lack of interoperability between systems. 3. It could also be Straight Through Processing issues or a requirement in training for personnel.
13 What is the average value settled per day in US$ (250 days) (excluding SA) What is the average value settled per day in US$ (250 days) Average value settled Countries The total value settled for the year divided by 250 days.
14 What is the average value settled per day in US$ (250 days) (including SA) What is the average value settled per day in US$ (250 days) (including SA) Value settled The total value settled for the year, in the case of South Africa divided by 300 days, as South Africa settles on Saturdays.
15 What was the total downtime for 2007 in minutes? What was the total downtime for 2007 in minutes? 9000 Total downtime , ,100 7, Total time the RTGS system was not available to the users. 2. The figure for Angola was not submitted.
16 How many times was the system not available to the participant in 2007? How many times was the system not available to the participant in 2007? Non availability of system The figure for Angola was not provided.
17 What is the average downtime per incident in minutes? What is t he average downt ime per incident in minut es? 600 Average downtime Total down time divided by number of incidents. 2. The figure for Angola was not provided.
18 What is the average downtime per month in minutes? What is the average downtime per month in minutes? 720 Average downtime per month Total downtime divided by 12 months. 2. The figure for Angola was not provided.
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