The State Bank of Pakistan is to implement an integrated real-time gross settlement (RTGS) supplied by Stockholm-based CMA Small Systems.
CMA will team with local HP reseller Mushko and Ernst & Young subsidiary Sidat Hyder Morshed Associates to deliver and implement the RTGS system which is based on its Processware Integration Environment (Pie) technology.
The vendor says the new RTGS technology will align the Pakistani payment system with international requirements and support the increase of inter-bank payments in the country as well as reduce costs of fund transfers and settlements.
Michel Massain, MD, CMA says: "A modern payment system will provide the State Bank of Pakistan with an instrument to implement monetary policy and to monitor payments and liquidity in the country."