Regional Payment & Settlement System

(REPSS)

COMESA
CLEARING
HOUSE

Payment Systems Department

 COMESA
Common market of eastern and southern Africa is a
free trade area with nineteen member states
stretching from Libya to Swaziland.

Payment Systems Department

 COMESA MEMBERS
 BURUNDI  ZAMBIA
 COMOROS  CONGO, DR
 DJIBOUTI  RWANDA
 ERITREA  MAURITIUSNDA
 ETHIOPIA  KENYA
 LIBYA  MALAWI
 MADAGASCAR  SWAZILAND
 SEYCHELLES  UGANDA
 ZIMBABWE  EGYPT
 SUDAN

Payment Systems Department

Common
Market For
Eastern &
Southern
Africa
COMESA

Payment Systems Department

 REGIONAL PAYMENT
AND
SETTLEMENT SYSTEM
(REPSS)

Payment Systems Department

• Is a Payment system that links central Banks
Where the commercial banks can participate only
through central banks.

• Current Settlement Currencies are US Dollar and

Euro.

Payment Systems Department

 REPSS Payment scheme

A A B B

Customer A Customer B
(Payer) (Beneficiary)

Payment Systems Department

Payment Exchange Process
Commercial bank sends payment to
Central bank

Central Bank sends payment to REPSS

REPSS includes this payment into clearing,

settles Session results through Settlement Bank.
REPSS routes a payment to Receiving Central
Bank.

Central Bank Sends it to Commercial

Bank – Receiver

Commercial Bank receives payment and

distributes it to Customer-Receiver

Payment Systems Department

REPSS Central Banks Participants

Central Bank of Egypt Central Bank of Kenya

Bank of Zambia Reserve Bank of Malawi

Banque Central du Congo Central bank of Swaziland

National Bank of Rwanda Bank of Uganda

Bank of Mauritius

Payment Systems Department

Stakeholders Roles

Payment Systems Department

 REPSS Stakeholders
• REPSS.

• Bank of Mauritius

• Central Bank of Egypt

• Commercial banks

Payment Systems Department

 Stakeholders Roles

Bank of
REPSS Mauritius
Roles Clearing Role Settlement
house Bank

System
Operator

Payment Systems Department

 Stakeholders Roles
Central
Bank of
Egypt
Roles Direct Participant in the REPSS

Managing Commercial Banks indirect participation

to the REPSS System

Payment Systems Department

 Stakeholders Roles

Commercial
Bank Roles Indirect participant in the REPSS Clearing house

Banks will use their foreign currency accounts at CBE

to fund their REPSS transactions

Interact with clients requests

Payment Systems Department

 Benefits

• Reduces foreign correspondent banking

charges

• Reduces settlement time period

• Provides high trust channel as payments are

exchanged through central banks.

Payment Systems Department

 REPSS Phases

Phase 1 Phase 2
• Live operation status, CBE • CBE working on study to decrease
participated May 2017 settlement time to T+0

• Targets the normal funds transfer

instructions that are not dependent
on any conditions e.g.. individuals’
& corporate payments.
• Settlement on T+1 basis
• Enrich the system with payments
that are dependent on such
conditions as trade finance
transactions and cash against
documents in addition to normal
fund transfer instructions

Payment Systems Department

REPSS Accepted Messages Types

• MT103

• MT202

Payment Systems Department

REPSS work flow - Outgoing transaction Use Case
Business Day T+0
1. Commercial bank sends MT103 to CBE requesting for a payment to another
participant on the REPSS system on T+0 business day.

2. Commercial instructs his correspondent bank to cover CBE correspondent

with total value of REPSS payments on T+0 business day .

Payment Systems Department

REPSS work flow - Outgoing transaction Use Case

Business Day T+1

1. At start of day, CBE will check with its correspondent bank the settlement of
cover payment

Payment Systems Department

REPSS work flow - Outgoing transaction Use Case

2. If settlement confirmed, CBE forwards to REPSS the transactions sent by the

commercial bank on T+1

3. If settlement rejected, CBE will reject the transaction

Payment Systems Department

REPSS work flow - Incoming transaction Use Case

Business Day T+0

1. CBE Receives a credit notification in favor of Egyptian commercial banks
from REPSS system on T+0 business day

2. CBE at end of day credits the commercial bank account and forwards original
MT103/MT202 received from REPSS on T+0 business day

Payment Systems Department

 Operation Schedule
Window Name Time Activity

Start value day 8:30 AM

Bank can send MT103 for messages in

Banks to CBE Exchange
8:30 AM to 2:30 PM addition to MT210 for crediting their
window
accounts

Only payment that was credited with

Clearing and approval 2:30 PM to 3:00 PM
MT210 will be accepted

Forwarding credit CBE forwards Credit messages received

3:00 PM to 3:30 PM
Messages from REPSS to commercial banks books

Sending MT950 3:30PM CBE sends MT950 to commercial Banks

Payment Systems Department

REPSS Support Team
E-mail: REPSS.helpdesk@cbe.org.eg

Hotline: (+20) 27701550

Payment Systems Department