Independent educational resource on the South African Multiple Option Settlement system.
★ South African Reserve Bank · Since 1998

SAMOS - South African Multiple Option Settlement System

The independent guide to the real-time gross settlement (RTGS) platform that sits at the heart of South Africa's National Payment System. Built for finance students, treasury professionals, fintech teams, and curious readers who want a clear.

What is SAMOS? Browse Knowledge Hub →
1998 SAMOS launched (9 March)
RTGS Real-time gross settlement
SARB Operated by the Reserve Bank
ZAR T+0 Final, irrevocable settlement

Quick answer

SAMOS - the South African Multiple Option Settlement system - is the real-time gross settlement (RTGS) platform operated by the South African Reserve Bank. It has settled high-value, time-critical interbank payments on an irrevocable, pre-funded basis since 9 March 1998 and forms the backbone of South Africa's National Payment System.

SAMOS settlement flow - Bank A sends a payment via SAMEX or SWIFT, SAMOS settles it in central-bank money at SARB, Bank B receives a final, irrevocable credit
How a payment moves through SAMOS - from Bank A's instruction to Bank B's final credit at SARB.
Definition

What is SAMOS?

SAMOS, short for South African Multiple Option Settlement, is the country's real-time gross settlement system. Each participating bank holds a settlement account at the South African Reserve Bank (SARB), and every interbank obligation eligible for SAMOS is settled individually, in central-bank money, the moment funds are available.

The platform replaced earlier net-settlement arrangements when it went live on 9 March 1998. Today it processes the high-value end of the South African payments market - interbank transfers, the cash legs of securities trades cleared through STRATE, batch outputs from BankservAfrica's clearing houses, and the rand legs of cross-border transactions handled via the SADC-RTGS and CLS.

Because SAMOS settles gross rather than net, it removes settlement risk between banks: once a payment is processed, it is final and irrevocable. That property is what makes SAMOS the foundation on which retail systems such as EFT, DebiCheck, RTC, and PayShap ultimately rest.

Key facts at a glance

  • Operator: South African Reserve Bank (SARB), National Payment System Department
  • Type: Real-time gross settlement (RTGS) system
  • Launched: 9 March 1998
  • Settlement asset: Central-bank money (SARB settlement accounts)
  • Finality: Irrevocable on credit to the receiving participant's account
  • Front-end: SAMEX (SAMOS Exchange) and SWIFT FIN/MX messages
Why it matters

The plumbing behind every rand that moves between banks

Whether it's a salary EFT, a PayShap instant payment, or a corporate treasury transfer, the final leg ultimately clears across SAMOS.

South African National Payment System ecosystem - SARB at the centre with connections to SAMOS, PASA, BankservAfrica, STRATE and settlement banks
The South African National Payment System (NPS) - SAMOS sits at the apex; every retail rail ultimately settles through it.

High-value backbone

SAMOS settles the high-value, time-critical interbank flows that keep the South African banking system in balance every business day.

Risk-free settlement

By using central-bank money and settling each transaction individually, SAMOS eliminates the credit and liquidity risk between counterparties.

Linked to retail systems

BankservAfrica's clearing houses, STRATE securities settlement, and instant-payment rails all settle their net or gross positions in SAMOS.

Cross-border bridge

SAMOS plugs into the SADC-RTGS for regional payments and CLS for the rand leg of global FX, anchoring the rand in international markets.

How SAMOS works

From bank instruction to final settlement

A simplified four-step view of the path a high-value interbank payment takes through SAMOS.

Bank A initiates

A participating bank captures a payment instruction in its core system and routes it to SAMOS via SAMEX or SWIFT.

SAMOS validates

SAMOS authenticates the message, checks Bank A's available balance, and queues the instruction if liquidity is short.

Settlement at SARB

The amount is debited from Bank A's settlement account and credited to Bank B's account - all in central-bank money.

Finality & notification

Bank B receives a confirmation message. The credit is final and irrevocable, and Bank B can act on the funds immediately.

Read the full step-by-step guide →

Where SAMOS sits

SAMOS vs other South African payment systems

A snapshot of how SAMOS differs from the retail and instant-payment rails most consumers see every day.

Feature SAMOS PayShap EFT (Credit) Real-Time Clearing (RTC)
Settlement typeReal-time grossDeferred net (in SAMOS)Deferred netDeferred net (in SAMOS)
Typical useHigh-value interbankLow-value instant (P2P)Salaries, billsLower-value urgent
Speed for end userSecondsUnder 10 secondsSame-day / next-dayWithin 60 seconds
Settlement assetCentral-bank moneyCentral-bank money (via SAMOS)Central-bank money (via SAMOS)Central-bank money (via SAMOS)
OperatorSARBBankservAfricaBankservAfricaBankservAfrica

Want a deeper comparison? See SAMOS vs PayShap, RTGS vs EFT, or Gross vs Net Settlement.

Knowledge hub

Start here - most-read explainers

Plain-English deep dives into the rules, players, and machinery behind SAMOS and the wider National Payment System.

See all 30+ articles in the Knowledge Hub →

FAQ

Frequently asked questions about SAMOS

Short, source-grounded answers to the questions readers ask Google most often.

What is SAMOS in South Africa?

SAMOS - the South African Multiple Option Settlement system - is the real-time gross settlement (RTGS) platform operated by the South African Reserve Bank. It settles high-value, time-critical interbank payments between settlement participants on an irrevocable, pre-funded basis, and has been in production since 9 March 1998.

Who operates SAMOS?

SAMOS is owned and operated by the South African Reserve Bank (SARB) through its National Payment System Department. SARB sets the rules, runs the infrastructure, and acts as the settlement agent for participating banks.

What does SAMOS stand for?

SAMOS stands for South African Multiple Option Settlement. The name reflects its support for multiple settlement methods, including RTGS, batch settlement for retail clearing houses, and securities settlement linked to STRATE.

Is SAMOS the same as RTGS?

Not quite. SAMOS is the platform; RTGS is one of the settlement methods it supports. In everyday South African usage the two terms are often used interchangeably, but technically SAMOS also handles batch and securities settlement.

When was SAMOS launched?

SAMOS went live on 9 March 1998, replacing earlier paper-based and net-settlement arrangements and bringing South Africa in line with international RTGS standards.

What is SAMEX?

SAMEX (SAMOS Exchange) is the messaging and front-end interface participants use to send settlement instructions to SAMOS. Most banks connect through SAMEX or via SWIFT, with SAMEX handling the participant-side workflow. See our SAMEX explainer for the detail.

Is SAMOS being replaced?

SAMOS is being modernised, not retired in the short term. The SARB has launched the Payments Ecosystem Modernisation (PEM) Programme and an RTGS renewal initiative aligned with NPS Vision 2030+. ISO 20022 messaging is a central pillar of that programme. Our RTGS renewal article tracks the latest.

Can a non-bank join SAMOS?

Direct SAMOS participation is currently restricted to settlement banks that meet SARB criteria. Non-banks generally access settlement indirectly through a sponsoring settlement participant. See Sponsored vs Direct Settlement.

Dive into the full Knowledge Hub

Thirty plus explainers covering fundamentals, the ecosystem, comparisons, and the road to ISO 20022 and beyond.

Browse all articles