Cheque Clearing and Fund Transfer
Authoriti Monetari Brunei Darussalam (AMBD) with the collaboration of The Brunei Association of Banks (BAB) has implemented and operating the National Payment and Settlement System (PSS). The National Payment and Settlement System is ensuring that interbank transfers in Brunei are fast, smooth and widely available to anyone with a bank account. The National Payment and Settlement System consist of the following key components operating Cheques Clearing and Fund Transfers:
1. Real Time Gross Settlement System (RTGS);
2. Automated Clearing House (ACH) Cheque Clearing;
3. Automated Clearing House (ACH) Direct Credit.
These systems are available 5 business days a week (with an exception of public holidays). In term of cut-off time of these payment, please refer to individual banks.
REAL-TIME GROSS SETTLEMENT SYSTEM (RTGS)
This core component of the National Payment and Settlement System is implemented in November 2014 using latest technology tools operating real time payments & settlement (uniform data presentation based on XML and SWIFT standards). It also provides enhanced liquidity and collateral management as well as monitoring facilities. This address the need for instant, large value interbank transfers primarily used for corporate and professional market transactions.
Real –Time Gross Settlement system (RTGS) is implemented in November 2014. This is in line with the AMBD orders, 2010 and 2015 where AMBD has the responsibility to develop, manage and oversee payment system in Brunei Darussalam.
This is the first electronic interbank payment system implemented in Brunei. With the RTGS system in place, customers can immediately send single transfer of large value and urgent payment to another bank where the fund transfer takes place in a safe and secure network environment. RTGS payment is credited to beneficiary’s account in real time.
AUTOMATED CLEARING HOUSE (ACH) CHEQUE CLEARING SYSTEM
This core component of the National Payment and Settlement System is implemented in May 2016. Participant bank receive electronic payment message (SWIFT) as well as the electronic image of the cheque. It has improved the timeliness of cheque clearing from 3 days to 2 days. The faster availability of funds to ultimate beneficiary has make the country banking systems more efficient.
AUTOMATED CLEARING HOUSE (ACH) DIRECT CREDIT
This core component of the National Payment and Settlement System has been introduced in March 2017. Direct credit is an electronic transfer of multiple low value payments through the ACH system leveraging SWIFT infrastructure and financial messages. The batch payments follow 3 clearing cycles in a day with set cut off times.
Direct credit offers fast, convenient and cost effective way to transfer money into customer’s accounts of another bank. Typical used cases are payrolls, pensions, supplier’s payment, dividend payments and so on. This is to replace the usage of paper based cashier orders and cash which are comparatively expensive means of payments and less secure then their modern electronic counterparts.
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