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In a circular sent by the Reserve Bank of Zimbabwe to current financial institutions, the central bank has announced that it has not begun testing for FCA accounts to begin using the RTGS system.
The FCA Account was introduced last year in early October as an alternative for bank customers in Zimbabwe and the move was widely seen as an acceptance by the government that the Bond Notes and the LBTR balances were not equivalent to the US dollar.
However, the FCA accounts were not part of the RTGS or the ZIPIT platform. This is changing now. Effectively, the meaning of the RTGS in the general language changes as there will now be the RTGS Bond and the RTGS FCA.
Here is the full text:
CIRCULAR TO RTGS PARTICIPANTS – UPDATE OF MULTICURRENCY – ADDITION OF USD IN THE RTB PLATFORM
We advise that the RTGS platform has been updated to include the United States dollar (USD) to facilitate the settlement of USD Nostro FCA transactions. The function is now available in the test environment for testing by participating institutions.
All participants are invited to send end-to-end test messages and ensure that a complete transaction cycle is completed. Test results should be recorded immediately on the attached user acceptance test form and submitted to the Reserve Bank daily by Friday, February 1, 2019.
The settlement of USD transactions is expected to commence soon thereafter in the live environment.
Please be aware of agreement.
Deputy Director, Division of Financial Markets – National Payment Systems
January 28, 2019
RTGSReserve Bank of ZimbabweZIPIT
Real Time Gross Settlement (RTGS) is a money transfer system in which the transfer of money occurs from one bank to any other bank in "real time" and on a gross basis. Settlement in "real time" means that a payment transaction is not subject to any … Read more about RTGS
The Zimbabwe Reserve Bank (RBZ) is the central bank of Zimbabwe. Its offices are located at number 80 on Samora Machel Avenue in Harare. The Reserve Bank of Zimbabwe operates under the Reserve Bank of Zimbabwe Act, Chapter 22: 15 of 1964. The Act provides … Learn more about Reserve Bank of Zimbabwe
ZIPIT (Zimswitch Instant Payment Interchange Technology) is a financial services system in Zimbabwe that allows individuals to electronically send money from one ZimSwitch-connected bank account to another using the bank's mobile banking platform – this can be USSD or an application. Backgrounds … read more about ZIPIT
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