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South Africa

Real Time Clearing (RTC)

Scheme name: Real Time Clearing (RTC)

IIPS Type: Bank

Instruments: Credit EFT

Inclusivity level: Basic

Year of establishment: 2006

System owner: Bankserv Africa

Overseer: South African Reserve Bank (SARB)

Operator: BankservAfrica

Total Participants: 33

Volumes 2022: 215,832,611

Values 2022: 78,849,497,513 USD

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CategoryReal Time Clearing (RTC)
Geographic reachDomestic
Geographic descriptionSouth Africa
Scheme governancePayment Association of South Africa
Settlement agentSouth African Reserve Bank
Participants - commercial banks33
Participants - MMOs0
Participants - non-bank PSPs0
Participants - MFIs0
Volumes 201831,390,000
Volumes 201949,000,000
Volumes 202078,779,663
Volumes 2021130,468,951
Values 201824,131,219,702 USD
Values 201925,748,220,000 USD
Values 202040,959,618,129 USD
Values 202157,462,076,180 USD
GNI410,990,090,604
GNI (%)19%
% off-us transactions
Interoperability arrangementThird party
Ownership modelParticipant-owned
Governance TypologyPrivate association
Messaging standardISO 8583
Types of proxy IDsNo
Use of open APIsYes
QR code standard N/A
Pro-poor governanceYes
CB governance involvementNo
Expanded use CasesNo
Minimum channel functionalityYes
Minimum use case functionalityYes
All licensed PSPs can participate (all-to-all interoperability)No
RecourseNo
Not-for-lossNo
TSP partners N/A
Start-up funding (US$ million) N/A

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