The SADC regional cross-border settlement system is called SADC Integrated Regional Electronic Settlement System (SIRESS). The system has been in operation since July 2013. It is an automated interbank settlement system, which settles payment obligations between participating banks on either real-time or delayed basis. The current system settles payments denoted in ZAR (South African rands). There are considerations to include additional currencies on the system in the near future.
SIRESS is operated by the SARB as appointed by the participating SADC central banks. Participants in SIRESS include central banks and financial institutions i.e. banks and non-banks in SADC that are authorised by the central bank in the country of origin to participate in that country’s settlement system.