Hong Kong, 15 October 2013 - SWIFT, the financial messaging provider for more than 10,000 banking organisations, securities institutions and corporate customers in 212 countries and territories, today announced that 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. We are pleased to contribute to its economic success by providing a secure, robust world-class financial market infrastructure."
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.
SWIFT has been in Asia Pacific for over 30 years, starting in Hong Kong and Singapore. Three regional offices have been opened in Asia since 2005, bringing the total to eight commercial and support offices, as well as an Operational Central Control Centre and a new corporate services hub that opened in Kuala Lumpur earlier this year.
SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect more than 10,000 financial institutions and corporations in 212 countries and territories. SWIFT enables its users to exchange automated, standardised financial information securely and reliably, thereby lowering costs, reducing operational risk and eliminating operational inefficiencies. SWIFT also brings the financial community together to work collaboratively to shape market practice, define standards and debate issues of mutual interest.
For more information, please refer to our website http://www.swift.com/ or contact:
Head of Media Relations, Asia Pacific, +852 2107 8873
+852 2973 0222