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South Africa

Real Time Clearing (RTC)

Scheme name: Real Time Clearing (RTC)

IIPS Type: Bank

Instruments: Credit EFT

Channels: Browser , Apps , POS , ATM , Branch

Use cases: Transfers & remittances (P2P) , Merchant payments (P2B) , Business purchases (B2B) , Salaries & wages (B2P)

Inclusivity level: Basic

Year of establishment: 2006

System owner: BankservAfrica

Overseer: South African Reserve Bank

Operator: BankservAfrica

Total Participants: N/A

Volumes 2021: 94,000,000

Values 2021: 60,123,713,411 USD

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CategoryReal Time Clearing (RTC)
Geographic reachDomestic
Geographic descriptionSouth Africa
Scheme governancePayments Association of South Africa
Settlement agentSouth African Reserve Bank
Participants - commercial banksN/A
Participants - MMOsN/A
Participants - non-bank PSPsN/A
Participants - MFIsN/A
Volumes 201831,390,000
Volumes 201949,000,000
Volumes 202079,000,000
Volumes 202194,000,000
Values 201824,131,219,702 USD
Values 201925,748,220,000 USD
Values 202050,000,000,000 USD
Values 202160,123,713,411 USD
Governance TypologyPrivate association
Messaging standardISO 8583
Types of proxy IDsN/A
Use of open APIsNo
QR code standard No
Pro-poor governanceOui

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