UK based Logica Ltd. has won an international competitive bid, to implement a Real Time Gross Settlement (RTGS) and a Scripless Securities Settlement system for the Central Bank.
rnrnThe mammoth 9 million dollar deal will be funded through an existing 30 million dollar World Bank loan awarded for Central Bank reforms.rn
rnBacked by nearly 25 years of experience of building national payment systems, Logica has implemented RTGS systems in eleven countries.rn
rnExperts say the RTGS will significantly reduce the systemic risk in the financial sector when the system is implemented within a year.rn
rnldblquote The Central Bank settles the accounts of the banks on the understanding that the banks have money in the accounts,
dblquote Ranee Jayamaha at the Central Bank explains.rn
rnldblquote Normally we look into the reserve balances that are held by the commercial banks everyday before we settle cheques. Even after 4.15 pm even if there is no money in the system, since we do not overdraw banks on a daily