BI introduces real-time settlement system
BI introduces real-time settlement system
BANDUNG (JP): Bank customers in Bandung can now benefit from
Bank Indonesia's real-time gross settlement system (BI-RTGS)
following the launch of the new settlement system in the city on
Tuesday.
The deputy governor of the central bank, Aulia Pohan, said
that the new system in Bandung was the first to be implemented
outside of Jakarta and would be the pilot project for
implementation in other major cities across Indonesia.
He said the central bank also planned to introduce the new
settlement system in Surabaya in East Java, Yogyakarta, Manado in
North Sulawesi, Balikpapan and Samarinda in East Kalimantan,
Semarang in Central Java, Denpasar in Bali, Medan in North
Sumatra, Padang in West Sumatra, Pekanbaru and Batam in Riau.
Bank Indonesia first implemented the BI-RTGS system in Jakarta
in November as part of its commitment to provide a more reliable,
faster and efficient settlement system.
Aulia said that 90 percent of the interbank transactions had
been carried out through the new system, with total value of Rp
40 trillion per day.
The new system is aimed at banks and individual customers
wishing to transfer large amounts of funds within a short time,
whereas the speed of the transaction is the key factor in
business, he said following the launch of the new settlement
system.
With the implementation of the new system, accounts of bank
offices in the central bank in Bandung will be transferred to a
centralized settlement account at the central bank's headquarters
in Jakarta. In the existing system, the accounts are managed
through the central bank's office in Bandung.
The centralized settlement account will also enable the
central bank to properly monitor the bank's obedience in
complying with BI's regulations and its liquidity, he said,
adding that the system could function as an early warning system
for banks with liquidity problems.
The chairwoman of the central bank's team for the development
of the national service system (PSPN), Dyah Nastiti K, said the
implementation of BI-RTGS did not mean the usual clearing system
would be eliminated, but that it would serve as an alternative to
interbank fund transfers.
"This way people can have a choice. For those with large
amounts of money or needing a quick transfer, they can use the
BI-RTGS. But those with smaller amounts and who don't mind the
extra time it takes can use the old system, which is through
clearing," she said. (25/tnt)