South Sudan launches new system for more accurate payments
A new system to modernise financial payments in South Sudan is to be introduced by the country's central bank.A new system to modernise financial payments in South Sudan is to be introduced by the country's central bank.
The initiative was announced by Central Bank Governor Kornelio Koryom Mayiik, who explained the bank aims to raise the standard of the financial payments system so it is comparable to that used by other countries around the world, the Sudan Tribune reports.
He outlined four new developments that will be introduced, including the Automated Cheque Processing/Automated Clearing House and an electronic National Switch to handle retail transactions.
"The system will lower costs, make payments and settlements more accurate and pave the way for increased financial innovations in the country," Mr Mayiik was quoted by the news agency as saying.
Currently, the Central Bank - which was formed when South Sudan gained independence from Sudan in July 2011 - employs a manual system for clearing cheques, which is slow, inefficient and makes cheque fraud detection difficult.