BI introduces real-time settlement system<\/p>\n
BANDUNG (JP): Bank customers in Bandung can now benefit from
\nBank Indonesia's real-time gross settlement system (BI-RTGS)
\nfollowing the launch of the new settlement system in the city on
\nTuesday.<\/p>\n
The deputy governor of the central bank, Aulia Pohan, said
\nthat the new system in Bandung was the first to be implemented
\noutside of Jakarta and would be the pilot project for
\nimplementation in other major cities across Indonesia.<\/p>\n
He said the central bank also planned to introduce the new
\nsettlement system in Surabaya in East Java, Yogyakarta, Manado in
\nNorth Sulawesi, Balikpapan and Samarinda in East Kalimantan,
\nSemarang in Central Java, Denpasar in Bali, Medan in North
\nSumatra, Padang in West Sumatra, Pekanbaru and Batam in Riau.<\/p>\n
Bank Indonesia first implemented the BI-RTGS system in Jakarta
\nin November as part of its commitment to provide a more reliable,
\nfaster and efficient settlement system.<\/p>\n
Aulia said that 90 percent of the interbank transactions had
\nbeen carried out through the new system, with total value of Rp
\n40 trillion per day.<\/p>\n
The new system is aimed at banks and individual customers
\nwishing to transfer large amounts of funds within a short time,
\nwhereas the speed of the transaction is the key factor in
\nbusiness, he said following the launch of the new settlement
\nsystem.<\/p>\n
With the implementation of the new system, accounts of bank
\noffices in the central bank in Bandung will be transferred to a
\ncentralized settlement account at the central bank's headquarters
\nin Jakarta. In the existing system, the accounts are managed
\nthrough the central bank's office in Bandung.<\/p>\n
The centralized settlement account will also enable the
\ncentral bank to properly monitor the bank's obedience in
\ncomplying with BI's regulations and its liquidity, he said,
\nadding that the system could function as an early warning system
\nfor banks with liquidity problems.<\/p>\n
The chairwoman of the central bank's team for the development
\nof the national service system (PSPN), Dyah Nastiti K, said the
\nimplementation of BI-RTGS did not mean the usual clearing system
\nwould be eliminated, but that it would serve as an alternative to
\ninterbank fund transfers.<\/p>\n
\"This way people can have a choice. For those with large
\namounts of money or needing a quick transfer, they can use the
\nBI-RTGS. But those with smaller amounts and who don't mind the
\nextra time it takes can use the old system, which is through
\nclearing,\" she said. (25\/tnt)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/bi-introduces-real-time-settlement-system-1447893297",
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