Bank Settlements In Few Seconds

Mar 14 • Economy, Government, News • 462 Views • No Comments on Bank Settlements In Few Seconds

1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)

The Mongolbank jointly with Golomt, KHAAN and Bundesbank-Central Bank of Germany held a consultative meeting for staff of bank settlement, accounting and information yesterday. It’s been a decade since the tradition of transferring any settlements from hand to hand, confirming with documents. Thanks to e-clearing system, any difficulties related to settlement have been erased and settlements, which used to take a month, now take only 1 to 3 days. Also it is possible now to calculate cash flow of the banks actually and to check assets management. A system of corporate account of state fund has been brought in since 2004 and Settlement Center was established under the Mongolbank in 2006. Today interbank settlement below MNT1 million is remitted within few seconds to the end customer through the Center. Interbank settlement above MNT 1 million is considered as large settlement and is transferred every hour. The consultative meeting discussed what is required for carrying settlement above MNT1 million within few seconds in the future. The participants highlighted the importance of cooperation between the Mongolbank and other commercial banks for this purpose and in order to do so, some experts believed that a Settlement Council should be formed. Besides, there is a problem in Mongolia that a card of one Bank cannot be used in another one. It wastes the customers’ time. The Mongolbank is to buy new software for machines that read all types of cards of each bank.

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *

« »