RBF launches a newly upgraded RTGS System

RBF launches a newly upgraded RTGS System

By Krishneel Nair
Monday 28/11/2022
[Photo: File]

Reserve Bank of Fiji Governor, Ariff Ali, launched a newly upgraded Real Time Gross Settlement RTGS System today, marking an important milestone in modernising Fiji’s Payment System.

RBF says the system will now form the rails for channelling approximately $180 billion worth of transactions annually.

RBF says the RTGS system is the first of the two major components being introduced as part of the Automated Transfer System, an important payments infrastructure which constitutes the largest single investment made by the RBF.

During the launch, Ali says for increased efficiency in payments and settlement and the growing prominence of digital financial technology, this improved infrastructure will lay an enabling platform for increased innovation and volumes of digital payments.

The Governor expresses his appreciation to the Government, the International Finance Corporation, a member of the World Bank Group and the supporting donors for their technical assistance in the reform.

He also says he is thanking the commercial banks for their collaboration and stated the RBF will continue to engage with the industry in the upcoming months for the introduction of the retail payments functionality of the ATS, which is expected to bring further enhancement to Fiji’s payment system.

While commenting on the launch, ANZ Fiji Country Head, Rabih Yazbek says ANZ is pleased to support the RBF changes to the national payment system, which will make domestic payments faster and easier for Fijians.

Yazbek says this has only come about through years of hard work and effort from the RBF and all six commercial banks in Fiji, with work on more major developments already underway for 2023.

It is an upgrade to the existing RTGS system (known as FIJICLEAR) that has been in operation since 2007 and is designed to support time-critical, large value payments between customers of commercial banks in Fiji.

The upgraded RTGS system will enable banks that support straight-through processing over their specific payment channels end to end electronic transfers without manual intervention thus providing a faster and more efficient way of making interbank payments.

FEATURE NEWS
Valelevu Health Centre staff surprised by choir’s Christmas gesture
Staff Nurse at Valelevu Health Centre, Laisiasa Tarogi, felt emotional hearing the Christmas carols, knowing that he and many other healthcare workers...
35 minutes ago
LATEST NEWS
RFMF honours Ratu Naiqama on 71st birthday with ceremonial celebration
In an early surprise this morning, senior officers of the disciplined forces, extended birthday wishes to the Head of State and Commander-in-Chief, ...
34 minutes ago

Farmer and woman to front court for allegedly obtaining financial advantage of $356
A 54-year-old farmer and a 26-year-old woman of Seaqaqa will appear in the Labasa Magistrate Court today for allegedly obtaining financial ...
45 minutes ago

Two men arrested for alleged marijuana possession after 2am raid in Wailea
Two men have been arrested for the alleged possession of illicit drugs after a joint raid by the Fiji Police and Fiji Dog Detector Unit was ...
48 minutes ago

214 reported drug cases recorded for November
214 reported drug cases have been recorded for the month of November. Acting Police Commissioner, Juki Fong Chew says of the 214 cases recorded, ...
4 hours ago

Crime rate increases by 19% in November
Concerning statistics have been released by the Fiji Police Force with the crime rate for the month of November increasing by 19 percent compared to ...
4 hours ago



fijivillage Straight Talk with Vijay Narayan
Latest Videos

Stay tuned for the latest news on our radio stations

CFL radio frequencies
yb
IN DEPTH
Fijian Drua in Kadavu
The Swire Shipping Fijian Drua are keeping in tradition with their previous pre-season training and will be in Kadavu till Friday afternoon. The ...
3 days ago

Vanuatu Earthquake
The 7.3 magnitude earthquake, which struck at a depth of 57km, occurred 30km to the west of the capital Port Vila at 1.47pm, according to the US ...
4 days ago

Investigation into alleged drink spiking incident at Warwick Resort after 7 guests get sick
Minister for Tourism Viliame Gavoka confirms that 5 guests have been discharged following an alleged spiked cocktail incident at Warwick ...
7 days ago

TOP