Financial Market Infrastructures (FMIs) play key roles in terms of ensuring financial stability, sound monetary policy and financial inclusion which is crucial to economic developments. In 2008, the National Bank of Rwanda and stakeholders embarked on payment and settlement systems modernization program. Since then there have been many developments in payment and settlement systems including installation of real time settlement system called the Rwanda Integrated Payments Processing System (RIPPS) in 2011.

The RIPPS is an Integrated Payments Processing System, comprising an Automated Transfer System (ATS) and a Central Security Depository (CSD).

The ATS is a hybrid system providing integrated facilities for clearing and settlement of all interbank electronic payments, irrespective of their value or level of urgency. It comprises two main capabilities, namely:

-        The Real-Time Gross Settlement (RTGS) functions for large value and time critical payments.

-        The Automated Clearing House (ACH) function, which provides clearing and netting facilities for a range of low value (retail) electronic instruments including direct debits, direct credits and cheques.

The Central Securities Depository (CSD) component accommodates all securities (both equities and debt) issued in Rwanda in a book entry form.

The CSD includes also an integrated primary trading (auction) module and an application (tightly linked with the RTGS function of the ATS) for the settlement of securities transactions, following the principle of Delivery versus Payment (DvP).

RIPPS is also linked to the East African Payment System (EAPS) and Regional Payment and Settlement System (REPSS) to facilitate cross border payments within the East African Community and the Common Market of Eastern and Southern Africa (COMESA) regions respectively.