The Papua New Guinea Real Time Gross Settlement (RTGS) system has gone live on SWIFTNet. The RTGS system links the Bank of Papua New Guinea with participating banks, providing real-time electronic clearing and settlement of high-value, time-critical payments, which eliminates the risks associated with deferred net settlement systems.

 

With its RTGS running on SWIFT, the financial services industry will have a faster, more efficient, reliable and secure means of fund transfers and settlements amongst all participants.

 

Loi M Bakani, governor of the Bank of Papua New Guinea, comments: “Going live on SWIFT is an important milestone in the ongoing development of our financial markets. Volumes of interbank payments are expected to increase significantly as economic activities continue to grow rapidly in Papua New Guinea. It is vital that we have an efficient, secure and reliable national payments system, based on international standards, to support the movement of money. It will also encourage banks and other financial institutions to introduce a range of new and innovative services, facilitating capital flows and attracting foreign investments.”

 

Bill Doran, head of Oceania, SWIFT, says: "SWIFT is a key partner of market infrastructures in Asia-Pacific, where markets continue to expand and require future-proof systems. Implementing the RTGS system in Papua New Guinea serves as a solid foundation for the country’s financial services industry, fostering economic development and helping it connect with the global financial markets.”

 

In addition to Papua New Guinea, SWIFT is also used by payment market infrastructures in 10 other Asia-Pacific countries and territories, including Australia, New Zealand, the Philippines, Thailand, Sri Lanka, Singapore, Fiji, Hong Kong, Macau and Taiwan, and in 70 RTGS systems around the world.