Fiji’s payment systems landscape to get an upgrade

Fiji’s payment systems landscape is getting an upgrade as the Real Time Gross Settlement System is being upgraded to provide for more effective and efficient payments with enhanced electronic fund transfers.

The Reserve Bank of Fiji says they work with the Association of Banks in Fiji to ensure financial stability through significant developments in Fiji’s payment systems landscape with FIJICLEAR introduced in 2007, which is the Real Time Gross Settlement System that settles large value interbank and customer transactions.

The system upgrade is scheduled to go live in November 2022.

The Reserve Bank adds they are continuously working with stakeholders to ensure a modern, efficient and reliable payments infrastructure which is essential to encourage innovation and commerce, the growth and development of financial markets and improve the transmission of monetary policy.

RBF Governor Ariff Ali says while the system is being upgraded, there is a detailed transition plan in place with continuous consultations with all stakeholders as well as regular and robust testing of the system with commercial banks and partners to ensure customers are not impacted adversely.

ABIF Chairman, Rakesh Ram says the system upgrade is timely and is expected is bring about efficiencies in their operations and at the same time improve the processing time for customers.

Ram says the ABIF is appreciative of the role the central bank is taking in collaborating with the ABIF to jointly work towards uplifting and enhancing customer service standards.