Economic Reporter :
Bangladesh Bank will use SWIFT (Society for Worldwide Interbank Financial Telecommunication) as an alternative channel to the Virtual Private Network (VPN) connectivity in the first phase of real-time operations.
The Bangladesh Bank took the decision as it successfully went live with its new Real-Time Gross Settlement (RTGS) system.
In a Go Live ceremony held last month, Dr Atiur Rahman, Governor, Bangladesh Bank and delegates from RTGS participants and SWIFT came together to celebrate this milestone.
At the ceremony for commencement of operation, Dr Rahman emphasised the presence and importance of SWIFT in front of the banking community.
“The new system is open to both VPN and SWIFT connectivity, and ISO20022, the next generation financial messaging standard of which SWIFT is the registration authority, has been chosen as the message format.
At Bangladesh Bank, we recognise the positive linkage between technology and sustainable growth and we believe the new RTGS will bring the conditions of growth for the Bangladesh banking industry,” he added.
Citibank is the one of the top banks who uses SWIFT as the channel for RTGS. Rashed Maqsood, Managing Director & Citi Country Officer, Citibank, N.A., Bangladesh said, “We are able to observe seamless Citibank message flows, for the first time in the country truly depicting the real time gross settlement over the SWIFT channel.
This is a great achievement that will ensure irrevocability and safety of payments to Bangladesh’s financial community, enabling Citibank to clear and settle critical high value payments for our customers in a highly secure and reliable manner.”
Bangladesh Bank will use SWIFT (Society for Worldwide Interbank Financial Telecommunication) as an alternative channel to the Virtual Private Network (VPN) connectivity in the first phase of real-time operations.
The Bangladesh Bank took the decision as it successfully went live with its new Real-Time Gross Settlement (RTGS) system.
In a Go Live ceremony held last month, Dr Atiur Rahman, Governor, Bangladesh Bank and delegates from RTGS participants and SWIFT came together to celebrate this milestone.
At the ceremony for commencement of operation, Dr Rahman emphasised the presence and importance of SWIFT in front of the banking community.
“The new system is open to both VPN and SWIFT connectivity, and ISO20022, the next generation financial messaging standard of which SWIFT is the registration authority, has been chosen as the message format.
At Bangladesh Bank, we recognise the positive linkage between technology and sustainable growth and we believe the new RTGS will bring the conditions of growth for the Bangladesh banking industry,” he added.
Citibank is the one of the top banks who uses SWIFT as the channel for RTGS. Rashed Maqsood, Managing Director & Citi Country Officer, Citibank, N.A., Bangladesh said, “We are able to observe seamless Citibank message flows, for the first time in the country truly depicting the real time gross settlement over the SWIFT channel.
This is a great achievement that will ensure irrevocability and safety of payments to Bangladesh’s financial community, enabling Citibank to clear and settle critical high value payments for our customers in a highly secure and reliable manner.”
