SWIFT says real-time gross settlement (RTGS) systems have gone live on SWIFTNet in Macau and Taiwan.
The Monetary Authority of Macao (AMCM) in January launched the RTGS system for the Macau pataca (MOP) currency. Following the growth in transaction volumes in MOP and increased HKD and RMB settlement activity in Macau, the latter two currencies are expected to be added to the RTGS system in the future, SWIFT says.
“The successful launch of the MOP RTGS strengthens the security of fund settlement in Macau, enhances the efficiency of payment and fund flow of the financial sector and helps to promote the development of financial markets in Macau, says Cesar I, deputy director for the Monetary & FX Department at the Monetary Authority of Macao.
Meanwhile, the Central Bank of the Republic of China (Taiwan)s new foreign-currency clearing and settlement platform has linked settlement banks and participating banks for different currencies, centralizing cross-bank clearance. The system currently handles U.S. dollars (USD) and may be extended to renminbi (RMB) in July, SWIFT says.
The RTGS system facilitates high-value fund transfers and settlements in real time rather than settling at the end of the day.
“As a result of increasingly globalised financial markets, the demand for cross-border and multi-currency settlement services will continue to grow, says Alain Raes, CEO forAsia Pacific and EMEA at SWIFT. We are delighted to be working with the monetary authorities in Macau and Taiwan to build robust, world-class RTGS infrastructures that support continued growth and stability for the global financial system.”
(CG)