be achieved in a more speedy and secure manner through images of cheques instead of the physical movement of cheques to the clearing house for exchange. the modernisation of the cheque clearing and settlement process started in november 2002 when all cheques issued by banks were standardised and the use of magnetic ink character recognition cheques was introduced. since then, banks started exchanging code lines through the mauritius automated clearing and settlement network. the project on cheque truncation was first discussed at the port louis automated clearing house committee in september 2005 and a steering committee was set up in august 2006 for the project implementation. it was initially envisaged to develop the application for image based cheque clearing at the bank. however, given the resources required to develop such a system and the fact that a number of cheque truncation system applications existed on the market, it was decided in april 2008 to purchase an off - the - shelf solution. the request for proposal was prepared and the bank organised an international competitive bidding process where suitably qualified vendors were invited to bid for the project in june 2008. while all this was happening – some skeptics might say, while nothing was actually happening – the value of cheques cleared has been steadily rising from rs187 billion to reach rs254 billion last year. what this means is that some five million transactions that could have been done instantly now take three to five days to be cleared in a very inefficient and antiquated matter. that is the heavy price that all of us in mauritius, banks, customers, economic operators have paid needlessly. it is a matter of regret for me that we are lagging behind, while bank negara malaysia which started the same project in 2006, has already implemented it in 2008. closer to us, botswana and madagascar already have cheque truncation as part of their payment systems. modernisation of macss the macss, a real time gross settlement system, provides the means for real time interbank payments and is used to settle cheque clearing positions of the port louis automated clearing house for the final settlements of the contribution network payment to the accounts of the mauritius revenue authority and for settlements for the central depository system. the pressing demands of the growing financial sector and increasing cross - border transactions poses new and complex challenges to the current payment system infrastructure. the need for a more dynamic, flexible and business - friendly payment system capable of better resisting systemic shocks and providing for international exposure is increasingly

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.