The Reserve Bank of Fiji. [File Photo]

The Reserve Bank of Fiji has launched a newly upgraded Real Time Gross Settlement System today, marking an important milestone in modernising Fiji’s Payment System.

It is an upgrade to the existing RTGS system known as FIJICLEAR that has been in operation since 2007 and is designed to support time-critical, large-value payments between customers of commercial banks in Fiji.

RBF Governor, Ariff Ali says the system will now form the rails for channelling approximately $180 billion worth of transactions annually.

During the launch, Ali stated that for increased efficiency in payments & settlement and the growing prominence of digital financial technology, this improved infrastructure will lay an enabling platform for increased innovation and volumes of digital payments.

The Governor expressed appreciation to the Government, International Finance Corporation, a member of the World Bank Group and the supporting donors for their technical assistance in the reform.

Commenting on the launch, ANZ Fiji Country Head, Rabih Yazbek says they are pleased to support the Reserve Bank’s changes to the national payment system, which will make domestic payments faster and easier for Fijians.