IBS Journal December 2015


Bangladesh Bank RTGS system goes live


The central bank of Bangladesh, Bang- ladesh Bank, has gone live with its new real-time gross settlement (RTGS) service, supported by Swift. During the first phase of operations, Bangladesh Bank selected Swift as an alter- native channel to VPN connectivity, allow- ing domestic transfers through both means equally. The messaging format for the new RTGS has been chosen, too, with Swift’s ISO 20022 getting the nod. Bangladesh Bank selected the RTGS


system, provided by CMA Small Systems, in late 2014. The initial go-live was expected to occur in September 2015, meaning that the project ended up slightly off schedule. The project was financed by the Asian


Development Bank, and saw CMA fight off competition from rival firm Montran Cor- poration and Italian software house SIA.


Dhaka, Bangladesh © Luthador, Wikipedia


‘To cope with the changes of time’, the


banking sector has to embrace new tech- nologies, says governor of Bangladesh Bank, Aitur Rahman. The new system, he adds, will ‘bring the conditions of growth’


ISO 20022 adoption hoped to bring $2.2bn to Canadian businesses


The benefits of switching to the ISO 20022 standard could mean as much as an extra CA$4.5 billion ($2.2 billion) for businesses in Canada, according to the Canadian Payments Association (CPA). The CPA has initiated a multi-year


project that hopes to modernise Canada’s payments infrastructure so that it will uti- lise the new ISO 20022 standards across the board. In August it tapped up the services of


consulting firm McKinsey to get detailed analysis on potential benefits and stum- bling blocks. Now in a new white paper discussing the benefits of ISO 20022, the CPA stresses that the removal of cheques in favour of low-cost electronic payments will be a huge boon to Canada’s busi- nesses. According to the paper more than a billion cheques were written in the coun- try in 2014. Implementing ISO 20022, says the CPA, will retain the features that make businesses keen to retain paying by cheque – such as the information that


12 © Jared Grove, Wikipedia


for the Bangladeshi banking sector. In 2014 the bank also laid plans for the


introduction of a scriptless securities settle- ment system.


Alex Hamilton


accompanies the payment. Vice-president for research at the CPA,


Carol Ann Northcott, says that the modern- isation of Canadian payments ‘will require material investment by financial institu-


© IBS Intelligence 2015 www.ibsintelligence.com


tions and businesses’. Understanding and informing them of the benefits of the system, she adds, is criti- cal to ensuring its successful adoption. Alex Hamilton


news


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