Mongolbank Initiates New Payment System

Jun 23 • Economy, Government, News • 390 Views • No Comments on Mongolbank Initiates New Payment System

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In purpose of implementing “National Payment System” project, Mongolbank announced international tender to conduct RTGS, which stand for Real Time Gross Settlement, and signed an agreement with tender-winner, Stockholm-based CMA Small System Company of Sweden. RTGS is an online system for settling transactions of banks. In the 1990s, many countries initiated this new system for their domestic financial transaction.
RTGS system usually controlled by Central Bank and it is suited for low-volume, high value transactions. It lowers settlement risk, besides giving an accurate picture of an institution’s account at any point of time.

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