1 Leading up to the Rand joining the CLS settlement system, the SARB issued a position paper late in 2002 supporting the inclusion of the rand as a settlement currency in the CLS system and encouraged South African registered banks to support this initiative in areas where their actions were required to enable this initiative.
On 6 December 2004, CLS Bank International (CLS Bank) announced that four new currencies went live in the CLS system, one of them being the South African rand. At the time, this brought the number of currencies being settled through the CLS system at the end of 2004, to fifteen.