SADC Transactions Cleared on an Immediate Basis (TCIB) Payment Scheme Project

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The proposed project will support the development of a low value credit scheme implemented by SADC member countries to support cross border remittances. The low value credit transfer system known as the Transactions Cleared on an Immediate Basis (TCIB) Payment Scheme Project has been initiated under the SADC Payment System Integration initiative. The objective is to develop a piloting kit for low-value credit transfers to streamline onboarding of banks and non-banks in the low-value credit scheme to support the transfer of cross-border remittances. The project design will include aspects such as (i) scheme governance, (ii) scheme operating model, (iii) operating structure and blueprint for the Payment System Operator, (iv) contracting framework, as well as (iv) risk management and compliance framework. Following that, the project would implement the onboarding of at least 40 new scheme participants (banks and non-banks), develop plans for the scheme’s marketing and business development, support roles, and stakeholder engagement. In addition, the project will finance one-year subscription for the Watch Banking Analytics Premium license with SWIFT that will give SADC access to a tool for analyzing the value and volume of cross-border payments and trade finance flows within SADC. This will include training on usage of the tool and reporting requirements. The project will be implemented by South African Reserve Bank (SARB) acting on behalf of the SADC member countries and which serves as the Chair of the SADC Payment Systems Oversight Committee. The project is a small recipient executed trust fund (RETF) project using the IPF lending instrument. The financing vehicle will be the Harnessing Innovation for Financial Inclusion Trust Fund funded by the United Kingdom of Great Britain and Northern Ireland, acting through the the Foreign, Commonwealth and Development Office (FDCO), formerly the Department for International Development (DFID).

FY17 - Financial Sector

World Bank Group

Project

Residential, Commercial, Government