BB set to introduce speedy high-value transactions

The central bank is going to introduce a Real Time Gross Settlement (RTGS) system by the end of September 2015 aiming to facilitate business activities across the country.
A deal will be signed today (Thursday) between the Bangladesh Bank (BB) and Sweden-based CMA Small Systems AB in this connection.
"We'll start installation works after signing the deal," a BB senior official told the FE Wednesday. "We expect the RTGS will be made effective before the deadline".  He also said India, Pakistan and Sri Lanka have already introduced the RTGS to provide speedy services for high-value transactions by businessmen.
The RTGS, which can be defined as continuous (real-time) settlement of fund transfers individually on an order-by-order basis (without netting).
'Real time' means processing of instructions at the time these are received rather than at some later time.
'Gross Settlement' means settlement of fund transfer instructions occurs individually (on an instruction-by-instruction basis).

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