(a) the making or receipt of payments for international transactions; and (b) the exchange of the currency of that State Party for foreign currency for such purposes "payment system" means a set of instruments, banking procedures and typically, inter-bank funds transfer systems that ensure the circulation of money (BIS Red Book); "SADC Payment System Committee Steering Committee" means the SADC Payment Steering "SADC Payment System Working Group: means the SADC Payment System Working Group contemplated in Article 4(2); "settlement" means an act that discharges the respective obligations of two or more counter parties incurred in respect of the transfer of funds or securities between such counter parties; "settlement system means, the system of a State Party used to facilitate settlement. contemplated in Article 4(1); ARTICLE 2 SCOPE 1. The scope of this Annex concerns issues relating to payment, clearing and settlement systems within each State Party, (as well as for the Region as a whole,) and State Parties agree that the application of this Annex 6 is intended to culminate in convergent national payment system features, policies, practices, rules and procedures within the Region. 2. Nothing contained in this Annex shall prevent or limit, in any way, any State Party from advancing further than any other State Party or all of the other State Parties together. ARTICLE 3 OBJECTIVES The objective of this Annex is to establish a framework for co-operation and coordination between Central Banks on payment, clearing and settlement systems in order to: (a) define and implement, in each State Party, a safe and efficient payment system based on internationally accepted principles; 64