Central Bank of Sudan launches Instant Settlements Project

Sudanese Central Bank Governor of Sudanese Central Bank Mohamed Kheir Al-Zubeir announced in a public statement addressed to banks on Tuesday the launch of instant total settlements project in Sudan . The system arrives within the framework of the Central Bank’s strategy to promote Sudanese banking, through developing banking technology and payment methods, completing the infrastructure of the national payment system, and reaching international standards of financial systems.
The system depends on the instant settlement mechanism of each transaction between individual banks, as opposed to what was previously applied of settling net transactions as one. The system aims to reduce the risk of cash collection and liquidity, enabling banks using the system to use their liquidity effectively and with high competence, in addition to boosting the trust in national payment systems.
The statement included a group or regulations and guidelines for banks and designated financial institutions, with attached documents for banks to sign in order to make use of the system services while abiding by the regulations and providing warranties to cover their current accounts by holding their financial certificates with the Central Bank.
The statement also explained that uncovering bank accounts would not be allowed, as one of the necessary requirements for the system was for banks to preserve enough liquidity to cover withdrawals. In addition, the Central Bank allocated a department to provide support and assistance to resolve all issues which could face some banks while applying the system.