The Bank of Zambia has implemented an electronic funds transfer system supplied by Perago Financial System Enablers to bring the national banking industry into line with international standards for real-time gross settlement (RTGS).
A total of 14 Zambian banks will use the system, which is based on the Perago:rtgs product, to exchange payments and settlement instructions in real-time using the interbank Swift network.
The central bank is the fourth in the Southern African Development Community (SADC) region to implement the RTGS system. The central banks in Malawi, Namibia and Zimbabwe are also using Perago's software.
Philip Tromp, Managing Director of Perago, says: "These banks are making major improvements to the core financial infrastructures in their countries, upgrading the financial plumbing necessary for growth and development."