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Expertise in the development of strategy in national and regional initiatives |
Tromp AG has the know-how to assist market participants in the development of strategy aimed at the reform, modernisation or establishment of financial infrastructure, and systemically important systems in particular. The approach followed has been designed for industry-wide, multi-stakeholder initiatives such as National Payment System development, market and other market infrastructure development initiatives globally.
Tromp AG’s expertise has been obtained through firstly the South African experience of Philip Tromp and his central bank colleagues and thereafter in numerous national payment system implementations.
Tromp believes that the implementation of systemically important systems are business transformations, requiring a specific approach and skill set to achieve a total re-engineering of the way in which business is done. In other words, the implementation of such a system is not simply another computer system that needs to be implanted in the business processes of an organisation, but requires a different all encompassing, high involvement and collaborative approach.
The strategic and collaborative approach, innovated by Tromp and his colleagues in a National Payment System project lead by the South African Reserve Bank in the nineties, has also been adopted by the World Bank as its preferred approach for payment system reform.
The strategic approach is distinguished by the fact that the focus is on the desired future end–state, in other words it is vision orientated. Although this sounds like a trivial issue, it is not people’s natural approach to problem solving. People typically start with the status quo and then extrapolate from their current situation to the future or do a gap analysis to see what needs to change. This is a fundamentally different departure point from which it is very difficult to introduce a new paradigm, simply because people tend to defend their turf and the way things are done today.
Participants do, however, find it much easier to describe a future-dated scenario where the way things are structured and processed today, is not threatened. So too with the people involved in today’s structures. With the strategic approach the involved stakeholders need to understand and agree on the ideal future end-state before the ‘what do we need to do to get there?’ question can be answered.
Once the defined end-state is agreed by all and everyone is happy that this end state would be ideal, the work can begin on what must be done in order to achieve the agreed future scenario. The approach has been successfully applied in numerous industry initiatives, including:
- Developing the South African National Payment System framework and strategy
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- Developing a framework and strategy for the electronic money market in South Africa
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- Creating a clearing infrastructure blueprint for the central bank and commercial banks in Namibia
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