This system enhances and harmonises the legal and regulatory frameworks in the region and provides an integrated regional cross-border payment settlement infrastructure, allowing inter-country payments to be effected quickly, efficiently and safely. In fact, the benefits are already starting to manifest themselves.
SIRESS processed 1 780 settlement instructions to the value of R15 billion during August 2013 which was the first full month in which the system was in operation. The settlement amounts will increase quite significantly with roll-out to four more countries by April 2014 and eventually more broadly in SADC. Further developments are also envisaged.