- Dec 7, 2010
Bankserv is an ACH (Automated Clearing House) or PCH SO (System Operator). A PCH are payment streams user groups that banks need to belong to in order to process interbank payments through a specific payment stream.
SAMOS - South African Multiple Option Settlement system is SARB's system they use to affect interbank settlement. Bankserv submits interbank gross settlement figures to SAMOS via the SWIFT network and uses MT298 (settlement instructions) message type transactions... SARB/SAMOS then calculate the NET settlement figures between the different settlement participants to affect the settlement on the different bank's SARB account.
I'll give you three guesses where I worked, and which system I maintained and eventually redesigned and rewrote around 2007/8... and the first two guesses don't count.