NCHL has successfully completed the roll out of connectRTGS at the 24 commercial banks for integrating their core banking systems with the Real Time Gross Settlement (RTGS) system supporting the central bank move.
According to the central bank, connectRTGS is a gateway to enable the banks and financial institutions (BFIs) to initiate and process RTGS transactions. “The majority of the banks have assigned NCHL as its integration partner in the RTGS implementation project, corresponding to which NCHL has been able to provide the key components includinginward, outward and reporting modules, along with facilitation for technical and operational supports to the banks,” the central bank said, adding that the RTGS system is meant for processing of high value and urgent transactions between the participating BFIs and for settlement of systemically important payment systems on net settlement basis. “RTGS system normally will remain as the backbone of the various national payment systems to provide immediate realisation of funds and minimising the settlement risk of other payment systems.”
The system has been provided to the commercial banks in the first phase and will be later provided to the development banks and finance companies, the central bank said.
Currently, NCHL has been facilitating the BFIs for establishing and providing various national payment infrastructures to its member BFIs, non-banking members like government, semi-government, entities, PSP/PSO and other service providers. The connectRTGS – which has been one of the initiatives of NCHL to support and facilitate the industry at almost zero cost – has been provided as an extension of the existing infrastructures of NCHL but built to support and comply with the international standards required for integrating the RTGS system.
NCHL has been operating the major national payment systems including Electronic Cheque Clearing System (NCHL-ECC), Interbank Payment System (NCHL-IPS), connectIPS e-Payment system and National Payments Interface (NPI) as a consolidated APIs in participation with over 75 BFIs and over 20 non-bank institutions including PSPs/PSO.
According to the central bank, connectRTGS is a gateway to enable the banks and financial institutions (BFIs) to initiate and process RTGS transactions. “The majority of the banks have assigned NCHL as its integration partner in the RTGS implementation project, corresponding to which NCHL has been able to provide the key components includinginward, outward and reporting modules, along with facilitation for technical and operational supports to the banks,” the central bank said, adding that the RTGS system is meant for processing of high value and urgent transactions between the participating BFIs and for settlement of systemically important payment systems on net settlement basis. “RTGS system normally will remain as the backbone of the various national payment systems to provide immediate realisation of funds and minimising the settlement risk of other payment systems.”
The system has been provided to the commercial banks in the first phase and will be later provided to the development banks and finance companies, the central bank said.
Currently, NCHL has been facilitating the BFIs for establishing and providing various national payment infrastructures to its member BFIs, non-banking members like government, semi-government, entities, PSP/PSO and other service providers. The connectRTGS – which has been one of the initiatives of NCHL to support and facilitate the industry at almost zero cost – has been provided as an extension of the existing infrastructures of NCHL but built to support and comply with the international standards required for integrating the RTGS system.
NCHL has been operating the major national payment systems including Electronic Cheque Clearing System (NCHL-ECC), Interbank Payment System (NCHL-IPS), connectIPS e-Payment system and National Payments Interface (NPI) as a consolidated APIs in participation with over 75 BFIs and over 20 non-bank institutions including PSPs/PSO.
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