Sustainable Finance and ESG Advisory
Our Sustainable Finance and ESC Advisory team provides market- leading advisory and structuring of sustainability solutions for clients across sub-Saharan Africa.
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Our foreign currency clearing solution is a first-to-market Africa gateway solution that offers a transparent and seamless way for African banks to clear their USD, GBP and EUR payments via FirstRand as regional clearing hub.
The solution is housed within our Rand Account Services business where correspondence banks undergo a single onboarding and review process annually. This enables them to route transactions centrally for processing across ZAR, local currency payments across FirstRand subsidiaries, interbank and cross-border payments globally in USD, EURO and GBP.
Get in touchWe have worked closely with our global banking partners and the USTDA
Read the press releaseEnabling Correspondent Banks
Our foreign currency clearing solution enables approved correspondent banks to hold a foreign currency account in the books of RMB for:
Foreign exchange and money market settlement accounts
Trade reimbursements and trade settlement accounts
Collateral
purposes
General holding accounts for foreign currency balances
The facilitation of all incoming remittances and other foreign currency credits to accounts
Full SWIFT MT103 and MT202 (and SWIFT ISO2022 standards, when implemented) capabilities are offered.
Instructions are exclusively executed via SWIFT, and statements are offered daily or in real-time via SWIFT MT940/950 (and SWIFT ISO2022 standards, when implemented)
Promoting financial inclusion
Financial Inclusion for Africa
RMB’s Sector Head of Global Banking Networks Banks, Suresh Chaytoo, describes how RMB’s newly launched foreign currency clearing solution will ensure financial inclusion in Africa.
Impact on Market Infrastructure
RMB’s Head of Global Securities Solutions, Sifiso Ndala, discusses the impact of RMB’s Foreign Currency Clearing Solution on financial market infrastructure.
Accessing the Africa Gateway
RMB’s Head of Asset Servicing, Sheron Botha, explains how RMB’s newly launched Foreign Currency Clearing Solution can be accessed by African banks.
A positive contributon to governance and social upliftment
Our foreign currency clearing solution is designed to drive and bolster financial inclusion in Africa – giving retailers and traders access to international markets via cross-border transactions. RMB is committed to working closely with our African correspondent banks and global banking partners in raising the efficacy around compliance and Anti Money Laundering practices. Our foreign currency clearing solution will ensure alignment to global best practice in the areas of screening and post-transaction monitoring, while embracing the evolution of technology.
RMB believe that our foreign currency clearing solution will enable us to work closely with our African correspondent banks and our global banking partners in raising the efficacy around important aspects such as compliance and AML. These relationships enable us to ensure alignment to global best practice and alignment in the areas of screening and post-transaction monitoring as well as embracing the evolution of technology.
Get in touch
Global Securities Solutions
an integrated ecosystem within a digital financial market context.
