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South Africa
Real Time Clearing (RTC)
Scheme name: Real Time Clearing (RTC)
IIPS Type: Bank
Instruments: Credit EFT
Channels: Branch, App, Browser
Use cases: Transfers & remittances (P2P), Merchant payments (P2B), Bill payments (P2B/P2G), Fees & taxes (P2G), Inventory & business services (B2B), Salaries & wages (B2P)
Inclusivity level: Basic
Year of establishment: 2006
System owner: BankservAfrica
Overseer: South African Reserve Bank
Operator: BankservAfrica
Total Participants: 17
Volumes 2023: 309,304,447
Values 2023: 91,008,465,929 USD
Back to map| Category | Real Time Clearing (RTC) |
|---|---|
| Geographic reach | Domestic |
| Geographic description | South Africa |
| Scheme governance | PASA |
| Settlement agent | South African Reserve Bank |
| Participants - commercial banks | 17 |
| Participants - MMOs | 0 |
| Participants - non-bank PSPs | 0 |
| Participants - MFIs | 0 |
| Volumes 2019 | 48,820,117 |
| Volumes 2020 | 78,781,663 |
| Volumes 2021 | 130,468,951 |
| US$ Exchange Rate 30 April | 18.7044 |
| Values 2019 | 32,104,827,524 USD |
| Values 2020 | 39,383,425,729 USD |
| Values 2021 | 55,250,767,481 USD |
| Values 2022 | 75,196,422,131 USD |
| Values 2023 not-on-us transactions (US$) | 91,008,465,929 USD |
| Values 2023 on-us transactions (US$) | N/A |
| Total value of instant payment transactions 2023 (US$) | 91,008,465,929 USD |
| Interoperability arrangement | Payment system operator |
| Ownership model | Participant-owned |
| Governance Typology | Private association |
| Scheme rules shared or publically available? | No |
| Messaging standard | ISO 8583 |
| Types of proxy IDs | N/A |
| Use of open APIs | Yes |
| QR code standard | N/A |
| Pro-poor governance | Yes |
| CB governance involvement | No |
| Expanded use Cases | No |
| Minimum channel functionality | Yes |
| Minimum use case functionality | Yes |
| All licensed PSPs can participate (all-to-all interoperability) | No |
| Recourse | No |
| Not-for-loss | No |
| Status | Almost at basic level, potential to reach progressed level |
| Strengths/drivers | Fulfilment of basic criteria provides a good base to progress further on the inclusivity spectrum. |
| Areas of development | Areas for development include expanding participations to non-banks as well as involvement of Central Bank in governance |
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