ZAPS is an interbank credit transfer system which enables banks to derive their gross settlement obligations to each other in line with global standards.

The system receives, validates and processes payment instructions; calculates and processes interbank settlement obligations; and informs relevant parties. It assists banks with their reconciliation processes and minimises interbank settlement risk exposure.

An intraday settlement service allows ZAPS to settle with the South African Reserve Bank (SARB) numerous times a day.  ZAPS also caters for transactions that are pre-dated for up to seven days.

Features and advantages

• Real-time validation:
  
  Message contents are validated in real-time and rejected payments are returned with error codes.
   
   

• Intraday settlement:
  
  Settlements are done at set time interval periods with the Central Bank.
   
   

• End-of-day statement messages:
  
  Participants receive consolidated end-of-day statement messages which assist in automated reconciliation.
   
   

• Real-time debit and credit confirmations:
  
  Participants are notified in real-time of any debits or credits posted to their accounts.