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picture1_Electronic Payment System Ppt 80341 | Bhutan Ppt 1


 189x       Filetype PPTX       File size 0.28 MB       Source: www.saarcpaymentsinitiative.org


File: Electronic Payment System Ppt 80341 | Bhutan Ppt 1
outline background bhutan s domestic payment systems cheque truncation system electronic funds transfer and clearing system bhutan financial switch bfs bhutan immediate payment service bips bhutan regional payment market for ...

icon picture PPTX Filetype Power Point PPTX | Posted on 07 Sep 2022 | 3 years ago
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                         Outline
     • Background
     • Bhutan’s Domestic payment Systems
     
      Cheque Truncation System
     
      Electronic Funds transfer and Clearing System
     
      Bhutan Financial Switch (BFS)
     
      Bhutan immediate Payment Service (BIPS)
     • Bhutan Regional Payment Market for cross border payment:
     
      Society for Worldwide Interbank Financial Telecommunication (SWIFT)
     
      Asian Clearing Union
     
      Bhutan Financial Switch – National Financial Switch Connectivity
     • Bottlenecks to developing National Payment System
     • Bottlenecks to developing a Common Regional Payment System
     • Analysis, observation and recommendation
                                            Background:
          • Vision: “A Trusted, Progressive and Resilient Central Bank” 
          • Mission: 
          1. Reinforcing stable and inclusive economic growth, 
          2. Maintaining stability and integrity of financial system; and
          3. Advancing innovative financial technology
      1. Enhance access to and use of                            2.    Foster       Organizational 
            formal financial services.                           EXCELLENCE
                                                                  
                   Section 8 (C) of RMA Act, 2010:
        “To  promote, supervise and, if necessary, operate national and international 
      payment  and  settlement  system  including  electronic  transfer  of  funds  by 
      financial institutions, other entities and individuals”.
      
        Approved e-Money Issuers Rules and Regulations 2017 – to allow banks 
       and Telco’s to issue mobile money and Wallet services.
      
       Approved Payment & Settlement Systems Rules and Regulations 2018 – 
       to license and formalise all the payment and Settlement systems in the 
       country.
   Bhutan's Domestic Payment Systems
  1. Cheque Truncation System (CTS): 
      Implemented in 2007 to replace physical cheque clearing
      Settlement on T+1 basis
      Upgraded to WebCTS system in 2017.
      Scanning handed over to banks.
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...Outline background bhutan s domestic payment systems cheque truncation system electronic funds transfer and clearing financial switch bfs immediate service bips regional market for cross border society worldwide interbank telecommunication swift asian union national connectivity bottlenecks to developing a common analysis observation recommendation vision trusted progressive resilient central bank mission reinforcing stable inclusive economic growth maintaining stability integrity of advancing innovative technology enhance access use foster organizational formal services excellence section c rma act promote supervise if necessary operate international settlement including by institutions other entities individuals approved e money issuers rules regulations allow banks telco issue mobile wallet license formalise all the in country cts implemented replace physical on t basis upgraded webcts scanning handed over...

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