The National Payment System (NPS) is a vital element of financial stability and the Bank continues to enhance its safety and soundness by developing payment system oversight capacity and by maintaining a high standard in the provision of interbank settlement services. We reached an important milestone in December 2004 when the rand was included in the Continuous Linked Settlement (CLS) system.
The rand is now positioned as one of only 15 settlement currencies in the CLS mechanism. CLS is a world-wide industry initiative to reduce the risks associated with foreign exchange transactions by settling the two legs of a foreign exchange transaction simultaneously.