3A-BEAC Reg Payment System (FY03)

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The BEAC Regional Payment System Project for Central Africa aims at improving the efficiency and security of the payment system in the Central African Economic and Monetary Union. The project has eight main components. The Global Project Management component coordinates and implements the reform process, providing stakeholders with all needed information, communication, and training programs. The Electronic Bulk Payment Clearing Systems component manages the exchange and clearing process of bulk payments transactions, including the transformation of paper instruments into elctronic data. Identical electronic clearing systems will be installed in each country. A Real Time Gross Settlement mechansim (RTGS) enables instant and final irrevocable settlement of individual large value and other time criticial transactions, among other activities. The Inter Bank Card System served by a dedicated network infrastructure includes a pre-paid system for the poor in payment for their consumption of water and electricity. A Payment Risk Management System collects all informaton regarding payment incidents for individuals and companies, enabling a better control over unreliable customers' operations, and providing access to critical information to credit institutions and banks. Telecommunications infrastructure ensures high-quality, low-cost transfers of data and payment transactions among all locations. The project also has legal framework and training program components.