Quick answer

The SADC-RTGS — originally known as SIRESS — is a regional real-time gross settlement system for the Southern African Development Community, settling rand-denominated cross-border payments between participating central banks. SAMOS provides the rand settlement layer that anchors SADC-RTGS, since all rand settlement ultimately happens against SARB accounts.

What SADC-RTGS is

SADC-RTGS is the cross-border real-time gross settlement system serving the Southern African Development Community. It went live in 2013 as SIRESS and was rebranded SADC-RTGS as the operational model matured. Participating central banks settle rand-denominated obligations between member-state banks on an RTGS basis.

How the rand leg works

Because the SADC-RTGS settles in rand, the rand leg must ultimately discharge against SARB. Operational arrangements between SARB and the SADC-RTGS operator ensure that participants' rand positions reconcile cleanly with SAMOS settlement accounts.

Differences from SAMOS

  • Geography: SADC-RTGS covers the SADC region; SAMOS is domestic.
  • Participants: SADC-RTGS participants are central banks and commercial banks across SADC; SAMOS participants are South African settlement banks.
  • Operator: SADC-RTGS is operated under SADC governance; SAMOS is operated by SARB.

Future direction

The SADC-RTGS continues to expand its participant base across member states, with periodic upgrades aligned with broader RTGS modernisation in the region. ISO 20022 is on the agenda there too.

TL;DR

  • SADC-RTGS = regional rand RTGS for SADC members.
  • SAMOS = domestic rand settlement system.
  • All rand settlement ultimately reconciles against SARB.
  • Originally launched as SIRESS in 2013.

Frequently asked questions

Does SADC-RTGS replace SAMOS?

No — SADC-RTGS is for regional payments; SAMOS is for domestic South African settlement.

What currency does SADC-RTGS use?

South African rand.

When did SADC-RTGS launch?

It went live in 2013 as SIRESS, later rebranded SADC-RTGS.

Is SADC-RTGS migrating to ISO 20022?

ISO 20022 is on the agenda across regional RTGS systems, including SADC-RTGS.

See also from our Ecosystem silo: Payment Clearing Houses (PCHs) in South Africa and Settlement Finality in SAMOS: Why It's Irrevocable. For the foundations, return to the SAMOS homepage or browse the full Knowledge Hub.