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For PAPSS Participants

Financial intermediaries, commercial banks, fintech companies and payment service providers (PSPs) – Direct Participants and Indirect Participants – who together facilitate cross-border payments for their clients, benefit from:

  • a platform for innovation and creativity, increasing access to markets;
  • API capability, enhancing scale, performance, security and privacy;
  • faster and more efficient customer service;
  • no longer requiring multiple correspondent banking relationships in order to perform cross-border payments within the region – just PAPSS;
  • analytical information for management reporting from ISO 20022 standard messaging to support informed decision-making.

Types of Participants

There are two types of PAPSS Participants: Direct and Indirect.

Direct Participants maintain a settlement account with the central bank of the country in which they operate in order to effect pre-funding.

Indirect Participants do not maintain a settlement account in the country of operation and will need a relationship with a Direct Participant as they will need the liquidity the Direct Participant can provide to fund or defund clearing accounts.

All Participants must satisfy rigorous entry requirements as set out below.

Central banks are considered to be Direct Participants, acting as the national settlement agent in each country.

Direct participants

Direct Participants are banks and other financial institutions that

  1. have a settlement account with the central bank of the country in which they operate and
  2. comply with all financial and regulatory competency requirements of that central bank.

Direct Participants will then need to meet further qualifying requirements.

+ READ MORE – QUALIFYING REQUIREMENTS

Indirect Participants

Indirect Participants may also be banks and other financial institutions, but who do not have a settlement account with the central bank of the country in which they operate. They will, however, be able to enter into individual sponsorship agreements with Direct Participants to facilitate the settlement of payment instructions. Indirect Participants will then need to meet further qualifying requirements.

+ READ MORE – QUALIFYING REQUIREMENTS

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For African governments

Governments and central banks connecting with PAPSS benefit from:

  • easing the pressure on current accounts and decreased foreign exchange liquidity
  • increased transparency bringing greater oversight of cross-border transactions, creating more confidence and increasing potential to generate revenue
  • enhanced financial inclusion and improved economic growth

Central Bank participation

Central banks play a dual role in PAPSS. They act as the national settlement agent for each country through their Central Bank Settlement Membership and also as a Direct participant with all the benefits that Direct Participants in PAPSS enjoy.

Central Bank Settlement membership

Under their settlement membership, central banks oversee, supervise and enforce compliance of all the Participants – both direct and indirect – in their jurisdiction. They also enforce anti-money laundering and financing of terrorism laws and other local regulations.

Connect with PAPSS

Central banks wanting to provide payment and settlement services through PAPSS must enter into both a PAPSS Membership Agreement and Settlement Bank Agreement.

Click on any CONNECT NOW button to leave your details for the PAPSS team to get in touch and talk you through the process.

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For customers

Businesses large and small, as well as individuals, whose payments and remittances are being processed through PAPSS benefit from:

  • instant/near instant payments across African borders without converting to different currencies
  • improved working capital through payment certainty and faster transactions
  • access to various payment facilitating options for millions of Africans including those previously underserved

Get connected

Connecting to PAPSS is a straightforward process. To learn more and start the process of becoming a Direct or Indirect Participant, click on the CONNECT button below.

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For those Participants already connected to PAPSS, click below if you need support from us.

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Qualifying requirements for Direct Participants

Each Applicant seeking Direct Participant membership in PAPSS must satisfy all entry requirements stipulated by PAPSS:

  • Applicants wishing to become a Direct Participant must have a settlement account with a domestic Central Bank Settlement Member in each country in which it uses PAPSS, comply with all financial and regulatory competence requirements of its applicable central bank, comply with its Membership Agreement(s) and meet other conditions in the PAPSS Bye-Laws and as stipulated by PAPSS, from time to time;
  • Applicants must meet other qualifying criteria as contained in the PAPSS Bye-laws.

Prospective participants may engage the PAPSS Participant Management Team for further guidance.

How to connect

Connecting to PAPSS as a Direct Participant is a straightforward process. Click on any CONNECT NOW button to leave your details for the PAPSS team to get in touch and talk you through the process.

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Qualifying requirements for Indirect Participants

Each Applicant seeking Indirect Participant membership to PAPSS must satisfy all entry requirements stipulated by PAPSS:

  • An Indirect Participant does not have a settlement account with its domestic central bank, but must have a sponsorship agreement with a domestic Direct Participant that will provide settlement services to it in each country in which it uses PAPSS;
  • Each applicant must meet other qualifying criteria as contained in the PAPSS Bye-laws.

Prospective participants may engage the PAPSS participant Management Team for further guidance.

How to connect

Connecting to PAPSS as an Indirect Participant is a straightforward process. Click on any CONNECT NOW button to leave your details for the PAPSS team to get in touch and talk you through the process.

Connect now