Sarb’s Mminele on payment system reform

Daniel Mminele, the deputy governor of the South African Reserve Bank, on Thursday called for both national and international payments systems to be reinforced.

Speaking at an event in Centurion, South Africa, Mminele said: "Among the many things highlighted by the global crisis is a realisation that there are certain critical systemically important systems in the international payments settlement environment, to which major players are interlinked and which deserve special attention from international regulators."

Mminele said that although the foreign-exchange Continuous Linked Settlement system proved resilient during the crisis its significance to the global financial system meant that it deserved closer attention. On the domestic front, Mminele said that, following consultations with its national payment system department, a number of proposals and been put forward to facilitate a process of review of interchange rates in various payment streams, including the appointment of a facilitator to meet with stakeholders to determine parameters for interchange on a consultation basis.

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