The Reserve Bank of Zimbabwe has implemented an electronic funds transfer system from Perago Financial System Enablers to align the country's banking industry with international standards for real-time gross settlement (RTGS).
There are currently 15 commercial banks participating in the Zimbabwean project, all of which will be able to exchange payments electronically in real-time using the interbank Swift network.
Alice Zanza, head, payment systems department, Reserve Bank of Zimbabwe, says: "The introduction of ZETSS (Zimbabwean Electronic Trading and Settlement System) provides us with a solid foundation for future payment systems developments and the best means of ensuring a safe and efficient payment system."
Perago says its RTGS system has also been installed at central banks in Malawi and Namibia.