Bank Indonesia plans to launch the RTGS
sometime later this year.
system is a critical component of a nation's economic infrastructure, helping to prevent systemic failure of the banking system.
system is designed to forestall a chain reaction of defaults on the debts of banks -- even when a bank defaults on a debt to another bank -- whose solvency may be seriously undermined by the default.
In systemically important payments systems such as RTGS
systems, instructions between banks are processed and settled individually as they occur in real time.
While the RTGS
system has not specified a maximum limit, a minimum limit of INR200,000 has been set to make use of the fund transfer system.
The central bank will conduct an RTGS
simulation test with financial institutions on a given day in mid-December on the assumption that such bonds have been floated on the day.
On a review, it has been decided to expand the sub-membership route to enable all licensed banks to participate in NEFT and RTGS
systems,' RBI said.
According to the Central Bank of Sri Lanka, with this RTGS
initiative, it plans to implement a world-class national payments infrastructure for Sri Lanka.
The central bank had first implemented Logica's RTGS
system in 2004 to settle payments in Chilean Pesos.
is a fully integrated, multi-currency payment system that automates Real Time Gross Settlement (RTGS
) payments processing, S.
now is firmly established as the Real Time Gross Settlement payment system of choice for new initiatives within international banking," said Reuven Ben-Menachem, chairman and chief executive officer, Fundtech.
system is a core component of a modern financial system.