Central Bank introduces RTGS systemEconomy
Ulaanbaatar /MONTSAME/ With implementing a subproject ‘The second stage reform of Real Time Gross Settlement (RTGS) System’ of ‘Payment System Reform’ by the Central Bank of Mongolia with support from the Asian Development Bank (ADB), RTGS system of high-value interbank transactions was completely transferred to the second version of the system on January 26.
Upgrading the system has created the following advantages in high-value interbank transactions:
- Having multi auxiliary/reserve servers in terms of technology and equipment, persistent and reliable operation of system has been ensured.
- Transaction transmission speed and a number and capacity of daily transactions have been tripled.
- Renewing system software has made it easy to regulate high-value interbank transactions.
- Message structure of system has shifted to IS020022 standard and IBAN accounts numbering as well.
With transferring the system to the second version in 2018, a big step has been made towards ensuring prompt, safe and persisting operation of interbank transactions and developing payment system.