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 Real Time Gross Settlement (RTGS) systems have gone live on SWIFTNet in Macau and Taiwan.
Alain Raes, Chief Executive, Asia Pacific and EMEA, SWIFT, says: "As a result of increasingly globalised financial markets, the demand for cross-border and multi-currency settlement services will continue to grow. 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."
On 28 January 2013, the Monetary Authority of Macao (AMCM) launched the RTGS system for Macau Pataca (MOP), after their announcement of the implementation a year ago. The RTGS operations at AMCM and the participating banks have been running smoothly since the launch. As the transaction volumes continue to grow, and the HKD and RMB settlement continues to increase for retail, trade and settlement and investment in Macau, it is expected that these currencies will be added to the RTGS system in the future.
Cesar I, Deputy Director, Monetary & FX Department, the Monetary Authority of Macao, 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."
On 1 March 2013, the Central Bank of the Republic of China (Taiwan) launched a new foreign-currency clearing and settlement platform facilitated by Financial Information Service Co., Ltd. The new platform links settlement banks and participating banks for different currencies and centralises cross-bank clearance for these transactions, which enhances efficiency and strengthens the overall competitiveness of the banking industry. It currently handles US Dollar (USD) and may extend to Renminbi (RMB) in July 2013. The platform also uses SWIFT FIN Y-Copy solution which provides the service administrator with a simple, flexible, and secure way to deal with financial transactions.
In addition to Macau and Taiwan, SWIFT is also used by payment market infrastructures in nine other Asia-Pacific countries, including Australia, New Zealand, the Philippines, Thailand, Sri Lanka, Singapore, Fiji, Hong Kong and Indonesia, and in 67 RTGS systems around the world.
The RTGS system facilitates high value fund transfers and settlements in real-time rather than settling at the end of the day. It provides a faster and more efficient, reliable and secure means of fund transfers and settlements among all participants. It also eliminates many of the risks associated with deferred net settlement systems.
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 including our customer support centres in Hong Kong and Tokyo, as well as an Operational Central Control Centre.