enabling transformation of messages between SWIFT MT and MX (ISO20022) message formats. This can be integrated with all CMA systems or delivered as a stand-alone component. It is meant for Financial Market Infrastructures where participants are not ready to move to the newest MX message format or where mixed MT and MX environments co-exist.
Projects A notable project with CMA’s platform at its heart has been to
harmonise the payments infrastructure across the West Africa Monetary Zone (WAMZ), with the first phase of the initiative due to be completed in June 2014. Of the six WAMZ countries (Nigeria, Ghana, Gambia, Guinea, Sierra Leone and Liberia), five are involved in the Payments Systems Project, of which four were live with CMA’s RTGS system by February 2014. Nigeria was the latest to cutover, in December 2013, with only Liberia yet to complete its project. Ghana is the exception as it runs its own proprietary RTGS system. West Africa Monetary Institute (WAMI), the body driving the initiative, hopes to achieve standardisation of the payments ecosystem across the region to facilitate cross- border trade between the member states. As well as the RTGS system, the main components of the new infrastructure include a common ACH and automated cheque processing system, which would eradicate float and allow settlement of customer-to-customer payments in 24 hours, and cheque clearing in two days. Member states also plan to introduce a scripless securities settlement system, to issue, manage and settle government and other money market securities electronically. This infrastructure will initially accommodate the existing legacy currencies, but there is also the intention to introduce a new common currency across the WAMZ region. There has also been standardisation across the WAMZ members’ core banking systems. Temenos’ T24 is the platform of choice, with each of the member states having implemented the system incrementally over the last few years. The CMA RTGS platform uses the Swift FIN Copy service,
and Swift has been actively involved in the development project, along with other benefactors such as the African Development Bank, which has provided finance. Hugo Smit, head of Southern Africa at Swift, explained that the Society’s role was to ‘support the initiative they are undertaking, and to assist them in ensuring that it complies with international standards, and therefore becomes internationally recognised’. CMA was known to be bidding at a number of projects
throughout 2014, most notably at a World Bank funded project at the Central Bank of Kosovo, which tendered for a new automated transfer system (ATS – a combination of an RTGS system and an ACH) in early 2014. CMA was already providing the bank its DEPO/X platform after an earlier project. By October that year, it was known that CMA was in pole position for the deal, fending off rivals CGI, SIA Perago and Montran. However, local press reports at the time raised some
124
discrepancies with the bidding process, specifically regarding personal ties between Asseco SEE, the multinational software house which is subcontracted by CMA, and the bank. Kadrijaj Gjylfidane, the director of the payments systems department at the CBK, had previously declared that her husband was employed by Asseco SEE, although the vendor said in a statement to local press that he was in no way associated with the project. By December 2014, an official confirmation from the Central Bank of Kosovo was still not forthcoming. Elsewhere, the vendor picked up a deal with Central
Bank of Jordan, which also included an RTGS system and ACH in its scope. This was part of a wider plan to modernise the domestic financial market infrastructure in Jordan, which also included installing a new electronic bill payment and presentment (EPBB) platform, carried out by local firms EMP and Mafootacom. And there was another win in central Africa, a fertile ground for CMA, this time at the Bank of the Republic of Burundi. Again, this was for an ATS, with funding coming from the World Bank’s investment vehicle, International Development Agency (IDA). The system would be integrated with regional payments infrastructures, such as the Comesa Regional Payment and Settlement System (REPSS), also developed by CMA, and the Eastern African Payments System (EAPS). Towards the end of 2014, CMA picked up a deal with Bank of Bangladesh for an RTGS system after an international tender. Financing for the initiative came from Asian Development Bank. The vendor again pipped rival Montran to this deal at the final shortlist, with SIA Perago evaluated at an earlier stage. Bangladesh Bank had undergone a number of modernisation initiatives over the previous few years, including tying up with Openway for the new National Payment Switch (NPS) in 2012. The bank launched the new RTGS platform by September 2015, to support local currency transactions, government security transactions and domestic foreign currency transactions .29 commercial banks will be hooked up to the new system via an API of the CMA platform.
In June 2016, the Central Bank of Uruguay went live with
the RTGS system. In July 2016, CMA signed a contract with the Bank of Central African States (BEAC – Banque des Etats de l’Afrique Centrale) for the implementation of CMA’s DEPO/X solution based - Central Securities Depository (CSD) system. This will be used in six countries of BEAC. The installation of the CSD system completes the already implemented RTGS system at BEAC by CMA. In March 2017, the National Bank of the Republic of Macedonia launched the upgraded Macedonian interbank payment system (MIPS RTGS System) for payments in euros. The upgraded system is based on CMA’s solution RTS/X and covers the functionality of settling EUR cross border payments through TARGET2. In May 2017, Authority Monetari Brunei Darussalam (AMBD) implemented the Central Securities Depository (CSD) system that is based on CMA’s DEPO/X
Payment Systems & Suppliers Report |
www.ibsintelligence.com
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116 |
Page 117 |
Page 118 |
Page 119 |
Page 120 |
Page 121 |
Page 122 |
Page 123 |
Page 124 |
Page 125 |
Page 126 |
Page 127 |
Page 128 |
Page 129 |
Page 130 |
Page 131 |
Page 132 |
Page 133 |
Page 134 |
Page 135 |
Page 136 |
Page 137 |
Page 138 |
Page 139 |
Page 140 |
Page 141 |
Page 142 |
Page 143 |
Page 144 |
Page 145 |
Page 146 |
Page 147 |
Page 148 |
Page 149 |
Page 150 |
Page 151 |
Page 152 |
Page 153 |
Page 154 |
Page 155 |
Page 156 |
Page 157 |
Page 158 |
Page 159 |
Page 160 |
Page 161 |
Page 162 |
Page 163 |
Page 164 |
Page 165 |
Page 166 |
Page 167 |
Page 168 |
Page 169 |
Page 170 |
Page 171 |
Page 172 |
Page 173 |
Page 174 |
Page 175 |
Page 176 |
Page 177 |
Page 178 |
Page 179 |
Page 180 |
Page 181 |
Page 182 |
Page 183 |
Page 184 |
Page 185 |
Page 186 |
Page 187 |
Page 188 |
Page 189 |
Page 190 |
Page 191 |
Page 192 |
Page 193 |
Page 194 |
Page 195 |
Page 196 |
Page 197 |
Page 198 |
Page 199 |
Page 200 |
Page 201 |
Page 202 |
Page 203 |
Page 204 |
Page 205 |
Page 206 |
Page 207 |
Page 208 |
Page 209 |
Page 210 |
Page 211 |
Page 212 |
Page 213 |
Page 214 |
Page 215 |
Page 216 |
Page 217 |
Page 218 |
Page 219 |
Page 220 |
Page 221 |
Page 222 |
Page 223 |
Page 224 |
Page 225 |
Page 226 |
Page 227 |
Page 228 |
Page 229 |
Page 230 |
Page 231 |
Page 232 |
Page 233 |
Page 234 |
Page 235 |
Page 236 |
Page 237 |
Page 238 |
Page 239 |
Page 240 |
Page 241 |
Page 242 |
Page 243 |
Page 244 |
Page 245 |
Page 246 |
Page 247 |
Page 248 |
Page 249 |
Page 250 |
Page 251 |
Page 252 |
Page 253 |
Page 254 |
Page 255 |
Page 256 |
Page 257 |
Page 258 |
Page 259 |
Page 260 |
Page 261 |
Page 262 |
Page 263 |
Page 264 |
Page 265 |
Page 266 |
Page 267 |
Page 268 |
Page 269 |
Page 270 |
Page 271 |
Page 272 |
Page 273 |
Page 274 |
Page 275 |
Page 276 |
Page 277 |
Page 278 |
Page 279 |
Page 280 |
Page 281 |
Page 282 |
Page 283 |
Page 284 |
Page 285 |
Page 286 |
Page 287 |
Page 288 |
Page 289 |
Page 290 |
Page 291 |
Page 292 |
Page 293
