BB to use SWIFT to go live with new RTGS
Bangladesh Bank decided to use the Society for Worldwide Interbank Financial Telecom-munication (SWIFT) as an alternative channel to the Virtual Private Network (VPN) connectivity in the first phase of RTGS operations, says a press release. BB took the decision as it successfully went live with its new Real-Time Gross Settlement (RTGS) system. In a go live ceremony held last month, Bangladesh Bank Governor Atiur Rahman and delegates from RTGS participants and SWIFT came together to celebrate this milestone. On the occasion, Rahman emphasised the presence and importance of SWIFT in front of the banking community. The new system is open to both VPN and SWIFT connectivity, and ISO20022, the next generation financial messaging standard of
which SWIFT is the registration authority, has been chosen as the message format, said Atiur.
At Bangladesh Bank, we recognise the positive linkage between technology and sustainable growth and we believe the new RTGS will bring the conditions of growth for the Bangladesh banking industry, he added.
SWIFT is the channel
of choice for banks to operate domestic transactions through the new Bangladesh Bank RTGS.
