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Code reduction botech


code reduction botech

and Financial Institutions). The Bank of Tanzania coordinates adherence by examining cheque samples submitted by commercial banks against required standards prior to pressing orders from printers. The Bank of Tanzania is also working with the Government towards the objective of ensuring that the county's legislations is supportive of the National Payment System matters. The overall objective of the East African Payment System harmonisation efforts is to promote a sound regional payment system to further economic integration within the East African region. . Phase 1-, situational Stocktaking Analysis, phase aims at developing a common understanding of the current economic, financial, technical and payment system traffic and structures in the country. Tanzania Bankers Clearing House Paper Instrument Standards micr System processes require that all paper instruments passing through the system conform to specific agreed standards. . Banks shall therefore ensure full compliance with the specifications given. This report concluded the first phase of the National Payment System (NPS) modernisation project, which took about a year and involved banks, users, regulators, providers and most parties with a stake in the countrys payment systems. These include Banks, and Financial institutions, Government, Capital and securities Market Authority, the Stock Exchange, Infrastructure providers (e.g. Changes from the old system include reduction of clearing days for debit instruments from 5 days and 30 days within the locality of clearinghouses and inter-regional clearing to 2 days and 7 days respectively. .

Bank of Tanzania in conjunction with Tanzania Bankers Association documented Paper Instruments Standards which have been agreed by all payment system stakeholders. NPS, function, the execution of NPS Modernisation objectives adopted a two-track approach. Banks should therefore ensure full compliance with the specifications given. The Project is spearheaded by the Bank of Tanzania. The Governor of the Central Bank is the Chairman of the Council. It was carried out through literature reviews, research, study tours, interviews, surveys and workshops. The equipment incorporates reader and sorter mechanism that facilitates automatic data capturing and generation of electronic files and journals to be used by the botech system at the Dar es Salaam Electronic Clearing House.

Physical Design phase provides technical specifications for systems to be developed as planned; and, Phase 4-, construction And Implementation phase establishes regulations, facilitate procurement, development and implementations by the stakeholders based on agreed strategies. Harmonisation of Payment System Oversight activities; Same-day High Value Clearing system; Formation of an East African swift Technical Working; Incorporation of the Lamfalussy Standards and Core Principles for Systemically Important Payment Systems; East African Payment systems risks Management Profile; . Before the live date, the system went through hardware procurement and installation; and software customization, installation, integration and testing. . The guidelines therefore serve as a safeguard measure to consumer interests as well as having standardization, which will facilitate future cooperation and system integration. It further sets out the payment systems conceptional overview, vision and strategic framework for the year 2005 identifying the basic characteristics of a modernised payment system including among others the structure, roles and responsibilities and the implementation programs.



code reduction botech

NPS ) Modernisation Project.
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