CMA Small Systems, a leading provider of payment and financial market infrastructure, today announced that it has been selected by the Bank of Uganda (BoU) to upgrade the central bank’s real-time gross settlement (RTGS) system.
The upgrade involves replacing the central bank’s legacy RTGS system with CMA’s modern, scalable RTS/X platform, used by dozens of central banks worldwide. The Bank of Uganda already has a strong relationship with CMA, as a user of its DEPO/X Central Securities Depository & Registry solution.
“In advance of the switchover to Swift’s ISO 20022 messaging standard, Bank of Uganda is seeking to comply with international best practices and industry standards by deploying modern, flexible technology. CMA’s RTS/X is compliant with ISO 20022 and will support Bank of Uganda in fulfilling its payments modernisation strategy. This includes extending RTGS access to non-bank financial institutions, supporting advanced liquidity management, and enabling seamless integration with both domestic and regional payment systems, such as the East African Payment System (EAPS),” explained Faysal Bibani, CMA Regional Director for Africa, CMA Small Systems.
The RTS/X platform covers all aspects of payments and securities operations processing. In addition to supporting ISO 20022 in Uganda’s domestic market, CMA’s RTGS platform will provide cross-border payment integration with EAPS, as well as advanced liquidity management capabilities and flexible support of the net settlement process. Based on highly reliable, modern technology, the solution supports 24x7 operations, multiple currencies, fee and penalty calculations, as well as advanced statistical analysis.
The proven expertise of CMA’s team in implementing RTGS technology for central banks across the world, and in understanding and responding to Bank of Uganda’s specific domestic and regional requirements was instrumental in securing this contract. CMA will provide consultancy expertise in relation to international best-practise and industry standards, as well as managing the implementation, user acceptance testing and training prior to go live.