After months of extensive testing, planning and market education around the enhanced payment process, it is with great excitement that we announce the successful implementation of this solution on 5 October 2015.
We are confident that this new model will achieve the desired goal of mitigating risk by reducing the dependency on commercial banks and improving efficiencies within the payment process.
In this new solution all corporate action payments for equities can now be processed through the SARB’s South African Multiple Options System (SAMOS), as opposed to the current process where the corporate action payments are processed through the Strate Trust account.
Strate would like to thank the issuers, banks, SARB and all other parties involved for making this milestone for the South African markets a huge success. Both the traditional and the new process will continue to be offered for the foreseeable future. Issuers are, however, encouraged to approach the Strate relationship team to explore the benefits that this new solution offers.