CBB launches online payment system

by Lynne Roberts Tuesday, 14 August 2007

The Central Bank of Bahrain has launched a new national payment system to allow real-time electronic funds transfers between retail banks.

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The Real Time Gross Settlement (RTGS) will allow banks to settle inter-bank transfers for their own accounts as well as customer payments.
Customers can now send and receive electronic transfers on the same day, compared to 2-4 days previously, the bank said in a statement.

Abdul Rahman Saif, CBB executive director of banking operations, said RTGS "transfers funds on a transaction-by-transaction basis with finality in settlement, throughout the processing day, in a secure environment."

The bank also announced its Securities Settlement System (SSS), which enables real-time, online settlement of all conventional and Islamic government securities transactions.



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