Bank of Botswana - Payments and Settlement Department

Thursday, February 23, 2012 | 10:22 AM

Payments and Settlement Department

'To provide stakeholders with world-class payments, clearing and settlement services in line with international best practice and promote efficient, safe and sound payments system'

O Modisa

The Payments and Settlement Department is responsible for providing an efficient, secure and reliable payment systems infrastructure, thereby safeguarding a stable financial system in the country. In pursuit of this the Department collaborates with private sector institutions, international organisations and Government departments to introduce improvements to the safety and efficiency of the payments system.

The Department has two operational units:

The Payment Systems Unit is charged with the implementation of the National Clearance and Settlements Act, 2003 which regulates the payments systems in the Botswana. It collaborates with SADC member states in the reform and modernisation of the Botswana National Payment System (NPS) and implements the agreed measures. The Unit undertakes research work on the relevance, feasibility and regulation of various payment intermediation schemes and technologies and also the licensing, oversight and monitoring of clearing and settlement systems.

The Settlement Unit provides back office support services to the reserves management function and the open market operations transactions related to the implementation of monetary policy by the Bank. It also acts as a payment agent for foreign currency payments by the Government and the Bank. Furthermore, the Unit processes confirmations for the Government securities and Bank of Botswana Certificates (BoBCs) in the primary auctions. The Unit is charged with the administration of the SWIFT system and conducts the operations of both the SWIFT (messaging system) and the SWIFT Net Accord (automated reconciliation of out-going and in-coming foreign exchange and fixed deposits confirmations).

In addition, the Department provides systems administration of and operates the Botswana Inter-bank Settlement System (BISS; also known as the Real Time Gross Settlement (RTGS) System) as the sole settlement system in the country as provided by law. Underpinned by the SWIFT network, BISS provides a secure and robust payments environment that ensures immediate delivery and finality of funds from one entity to another.

Director:
Ms O Modisa

Personal Assistant:
Ms A Tebogo-Maruping
Tel: (267) 360 6026
Fax: (267) 391 2101
E-mail: tebogo-marupinga@bob.bw

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