BB starts real time fund transfer system

Bangladesh Bank (BB) launched Real Time Gross Settlement (RTGS) with 55 banks yesterday.
“Introduction of RTGS would enable instant transfer of funds between banks and institutions,” said Governor Atiur Rahman at the inauguration of the service at Jahangir Alam Conference Hall in BB head office in the capital, reports BSS.
Initially 5,000 branches of 55 banks will be able to render the service to its customers. “The voyage which started with automation of cheque clearing system in 2010, today completing its first ever milestone by introducing country’s first real time, high value and gross settlement based clearing system,” the governor said.
He thanked the whole banking community, CMA Small Systems AB, Spectrum Engineering Consortium Ltd, SWIFT and all other concerned as well as the officials of BB and participating banks moved with them to make it possible. Among others Deputy Governors, Executive Directors, General Managers and other fellow colleagues of BB, Managing Director of CMA Small System AB and high officials from banking industry were present on the occasion.
Under the RTGS system, any bank would be able to transfer Taka one lakh or more to another bank instantly. With the assistance of Asian Development Bank under the project Institutional Support for Migrant Worker’s Remittances, RTGS has been implemented under Component A: Remittance and Payment Infrastructure Development.

BB starts real time fund transfer system

Bangladesh Bank (BB) launched Real Time Gross Settlement (RTGS) with 55 banks yesterday. Introduction of RTGS would enable instant transfer of funds between banks and institutions, said Governor Atiur Rahman at the inauguration of the service at Jahangir Alam Conference Hall in BB head office in the capital, reports BSS. Initially 5,000 branches of 55 banks will be able to render the service to its customers. The voyage which started with automation of cheque clearing system in 2010, today completing its first ever milestone by introducing countrys first real time, high value and gross settlement based clearing system, the governor said. He thanked the whole banking community, CMA Small Systems AB, Spectrum Engineering Consortium Ltd, SWIFT and all other concerned as well as the officials of BB and participating banks moved with them to make it possible. Among others Deputy Governors, Executive Directors, General Managers and other fellow colleagues of BB, Managing Director of CMA Small System AB and high officials from banking industry were present on the occasion. Under the RTGS system, any bank would be able to transfer Taka one lakh or more to another bank instantly. With the assistance of Asian Development Bank under the project Institutional Support for Migrant Workers Remittances, RTGS has been implemented under Component A: Remittance and Payment Infrastructure Development.