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The WAEMU Automated Interbank Clearing System (STAR-UEMOA)
STAR-UEMOA is a regional gross settlement system in real time, intended for transactions of systemic scope (particularly large sums). Its operational start-up took place on June 25, 2004.
STAR - UEMOA
Types of transactions carried out with STAR-UEMOA
The STAR-UEMOA system chiefly deals with the transactions below:
transfers, on behalf of the originating institution or its customers, on whose behalf the participating institution wishes to ensure settlement in real time;
settlement of exchanges of securities kept in the Central Bank on the secondary market, either on behalf of the banks or of their customers;
orders by STAR-UEMOA participants for institutions that are not eligible to belong to the system, which are charged to STAR-UEMOA and received by the BCEAO participant, which charges them to their current account management system;
operations handled by the Central Bank (monetary policy, refinancing, primary public debt securities market, cash transactions through BCEAO windows) or through the Central Bank (international transfers in foreign currencies) go through the BCEAO Participant for coverage in CFA francs in STAR-UEMOA;
cash withdrawals and deposits in Main Branch Offices;
settlement of SICA-UEMOA clearing balances, interbank electronic banking balances and WAEMU regional stock exchange balances.
Operating rules of STAR-UEMOA
STAR-UEMOA is based on the transmission of payment orders in SWIFT format and on the following principles :
all transactions are final;
orders are processed by level of priority and order of arrival;
funds in the settlement account of the originating participant are checked automatically;
transactions are immediately charged to the settlement accounts of the participants involved.
The fact that all transactions are final means that the originator of the instruction is firmly committed to pay the agreed amount to the beneficiary of the transaction as soon as the order is sent, received and approved by STAR-UEMOA.
Risk management in STAR-UEMOA