RBZ Testing RTGs For Nostro FCA Accounts
The Reserve Bank of Zimbabwe has introduced the United States Dollar on the RTGS ( a system that aid bank to bank settlements of individual banking clients) to facilitate settlement of USD Nostro FCA transactions.
According to a report dated 28 January 2019 by the Deputy Director, Financial Markets Division – National Payment Systems Mr Josephat Mutepfa, the function is at the moment available in the test environment for testing by participating institutions and the transactions will commence after Friday the 1st of February 2019.
The report states that all participates are obliged to send text messages end to end and ensure a full cycle of the transaction is completed. Results of the test should be logged immediately on the attached user acceptance testing form and submitted to the Reserve Bank on a daily bases until Friday the 1st of February 2019.
This has come as a cheap and improved transaction to individual banking clients since the transfer used to be done in bond currency.
The RTGS platform is a preserve of the central bank where all banks are connected via RBZ and transactions are done through RBZ, thus an autonomous RBZ is key for integrity and policing compliance matters to the confidence of the banking public.