felt. in that respect, the bank has decided to replace the existing maccs application with new application based on best international practice and built on a more resilient architecture, supporting multi - currency transactions with extended settlement windows and providing for low cost messages. the core application is operational as from 14 january 2009 and all advanced features will soon be implemented. online reporting and monitoring system the bank sees also a need to enhance the data collection, collation and dissemination process by developing an online application available across banks. banks currently report information to the bank through mails or hardcopy documents. recognising the drawbacks of the existing system, the bank decided to launch the central database system ( cds ) initiative in july 2007 designed to bring all data used for analysis and decision making into a single repository. the cds would also provide a customised dashboard for management to retrieve crisp information for decision - making purposes. the cds initiative would also be extended to licensed cash dealers and moneychangers with a view to exercising a closer monitoring of the market. our efforts to modernise the payments, clearance and settlement system have taken many twists and turns over the last two years. my determination to push these projects through has not flagged. and this must be done ; and must be done fast, in the interests of the efficiency of the banking sector and of the economy generally. the new platform of standard bank serves both as an encouragement and a reminder for us that status quo is definitely not an option in this rapidly - changing world. i therefore congratulate standard bank for yet another milestone and wish you every success with this new suite of products. i hope it will help you to live up to your promise to deliver corporate and business banking “ at your [ client ’ s ] finger tips with its 24 - hour availability, anytime, anywhere ….. and access to … entire … banking portfolio ( s ) across products, countries and currencies ” and all this with a single login. thank you for your attention.

the plach, a room of around 20 square metres is situated on the premises of the bank – at times there can be around 20 people in a room of this size. there, the cheques are exchanged among the banks and the representative of each bank transports back his bank ’ s cheques to the head office where the verification of the cheques is carried out manually. the cheques that are in order are honoured, those that are not, are returned at the second clearing on the next day. the resources mobilized by the cheque clearing process total some 300 persons putting in some 325 person - hours on a daily basis, including the transport of cheques from the respective banks to the plach, and back. this process has been going on for the last 44 years. in 1968, the mauritius clearing house was processing an average of 2, 000 cheques daily ; today the number has multiplied tenfold. it is high time to move to a more modern system. the cts will reduce work time and manpower and bring efficiency in the entire banking system. it will benefit customers who will find the waiting time to get access to their funds ( float time ) cut down from an average of two to five days to one to two days. bis central bankers ’ speeches with the cts, we will align ourselves with countries like singapore, india and malaysia. in sub - saharan africa, we are among the pioneers of the system. the implementation of the cts constitutes a key element of our financial sector development plan. the cts in the cts, the physical cheque which enters the banking system for clearing is processed from this point onwards by the digital image of the cheque – there will no longer be an exchange of physical cheques, as is currently the case. the cts project is part of the bank ’ s strategy of modernising the payment and settlement system. as you are aware, the management of the payments and settlement system is part of the functions of the bank. the bank with our commercial bank partners are endeavoring to make the system more efficient and reliable. the process of modernization started in 2000 with the implementation of the macss based on real time gross settlement principles for large - value transactions. then, came the automation of the port - louis clearing house which i mentioned earlier. other important milestones were the legal amendments to the bank of mauritius act and the bills of exchange act to pave the way for the introduction of an electronic clearing system. work on the ct