CMA Small Systems, a provider of payment and financial market infrastructure, announced that it has been selected by the Bank of Uganda (BoU) to upgrade the central bank’s real-time gross settlement (RTGS) system.
The upgrade involves replacing the central bank’s legacy RTGS system with CMA’s modern, scalable RTS/X platform, used by dozens of central banks worldwide. The Bank of Uganda already uses CMA’s DEPO/X Central Securities Depository & Registry solution.
“In advance of the switchover to Swift’s ISO 20022 messaging standard, Bank of Uganda is seeking to comply with international best practices and industry standards by deploying modern, flexible technology. CMA’s RTS/X is compliant with ISO 20022 and will support Bank of Uganda in fulfilling its payments modernization strategy,” said Faysal Bibani, CMA regional director for Africa, in a statement.
This includes extending RTGS access to non-bank financial institutions, supporting advanced liquidity management, and enabling seamless integration with both domestic and regional payment systems, such as the East African Payment System (EAPS), he said in a statement.
The RTS/X platform covers all aspects of payments and securities operations processing. In addition to supporting ISO 20022 in Uganda’s domestic market, CMA’s RTGS platform will provide cross-border payment integration with EAPS, as well as advanced liquidity management capabilities and flexible support of the net settlement process. It also supports 24×7 operations, multiple currencies, fee and penalty calculations, as well as advanced statistical analysis.