South African Reserve Bank Migrates R584 Billion-a-Day SAMOS Platform to ISO 20022
Updated
Updated · Business Insider Africa · Jun 16
South African Reserve Bank Migrates R584 Billion-a-Day SAMOS Platform to ISO 20022
1 articles · Updated · Business Insider Africa · Jun 16
Summary
SARB has moved its SAMOS settlement platform to the ISO 20022 messaging standard, upgrading the backbone that processes about R584 billion ($32.4 billion) in payments each day.
The shift is meant to deliver richer payment data, better interoperability with global systems, stronger security and more efficient cross-border transactions as digital payments expand.
About 90% of value on SAMOS is already settled in real time, a design that limits settlement risk by making transfers between banks final and irreversible during the day.
Launched in 1998, SAMOS underpins everything from card purchases to market trades, though most value comes from interbank and financial-market activity rather than consumer payments.
The upgrade supports South Africa's effort to stay competitive as countries modernize payment rails, reinforcing its standing as Africa's largest and most sophisticated financial market.
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SARB’s ISO 20022 Migration: Transforming South Africa’s Payment Systems for Global Competitiveness and Innovation
Overview
The South African Reserve Bank (SARB) achieved a major milestone by migrating its SAMOS platform to the ISO 20022 messaging standard in September 2022. This move marked a substantial leap forward for South Africa’s payment systems, positioning the country as a leader in financial technology across Africa. By shifting away from older, proprietary messaging formats to ISO 20022’s XML-based standard, SAMOS now operates on a globally recognized framework. This transition enhances the richness and quality of data exchanged, improves interoperability, and paves the way for greater efficiency and innovation in the nation’s financial sector.