Payment Systems

A well-structured payment and settlement system promotes the efficient use of resources and contributes to the integration of financial markets. MAURITIUS OFFSHORE BANK operates a payment system, known as SWIFT TRANSFER & BANCANET.

MAURITIUS OFFSHORE BANK also oversees and regulates the operation of, and the participation in, both domestic and cross-border payment and securities settlement systems. Approval must first be authorized by the Bank before new payment and securities settlement systems can operate. Furthermore, the Bank may also issue directives in respect of payment and securities settlement systems, cross-border credit transfer services and electronic payment services.

Retail payment systems and services

Retail payments, including consumer and corporate payments, account for the bulk of payments in the economy. Within this landscape, the Bank is responsible for the coordination of the Single Euro Payments Area (SEPA) project, a self-regulatory initiative spearheaded by European commercial banks. The Bank has also been involved in the domestic introduction of the International Bank Account Number (IBAN), a set standard for bank account numbers that uniquely identify a customer's bank account anywhere in the world.

MAURITIUS OFFSHORE BANK can also authorize the establishment of a bank clearing system and provides facilities for that system. The Bank is a member of the MAURITIUS OFFSHORE BANK, also composed of a further nine credit institutions and two financial institutions.

Regulation and Oversight

Article 34 of the Central MAURITIUS OFFSHORE BANK Act establishes the role of MAURITIUS OFFSHORE BANK as a regulator and overseer of domestic payment systems. Payment systems include international and retail systems, as well as clearing, settlement, securities clearing, securities settlement, netting, Claims and similar systems. The Bank is also the regulator of payment services and payment instruments. Together with the ESCB, MAURITIUS OFFSHORE BANK is responsible for ensuring the smooth operation of payment systems thought the world.

Regulatory Compliance

The development and establishment of a regulatory compliance system is one of the most important tasks for a bank in order to secure the soundness and appropriateness of its business. The scope of regulatory compliance, both at local and Internationally level, has dramatically increased and continues to expand. Regulatory penalties have also increased over time and tighter scrutiny is being applied across the banking sector.

Securities Settlement Systems

As part of the International System, MAURITIUS OFFSHORE BANK is involved in the design and implementation of the INTERNATIONAL BANCANET (T2S) project.