They must obviously take a leading role in preparing their financial systems for this major event. BIS Review 8/1999  –3–  The South African Reserve Bank started at a very early stage in identifying all problem areas in its own information technology and communication systems.
In terms of our programme, all electronic technology in use in the Bank must be in full compliance by 31 March 1999. Some parts of the internal system have already been tested. The crucially important Samos system for clearing and settlement transactions is to be tested and must be certified as fully compliant by all participants by mid-April 1999.