In support of this plan, central banks within the region working in collaboration with the banking community launched a payment system integration project that culminated in the implementation of the SADC Integrated Regional Electronic Settlement System (SIRESS).
According to the latest data, the implementation of the SIRESS system has resulted in 43 per cent of eligible intra-SADC cross-border South African Rand payments for the participating nine countries being settled through accounts that regional banks hold on the SIRESS system, instead of via the normal cross-border correspondent banking system.