Welcome to the Monthly Public Awareness column with the Reserve Bank of Fiji (RBF). This month’s article will introduce you to the FIJICLEAR payment system that is provided by the Reserve Bank. We hope that you will find the article interesting and informative.
Tired of delivering goods or providing services and waiting for more than three days to get your bank payments processed? Do you want to send money to your family and friends in other parts of Fiji but worry of high service fees? If you do, then you must consider a faster payment clearance system that is available through your commercial bank. FIJICLEAR is a secure payment system that allows same day settlement and in some cases immediate settlement at a reasonable cost.
FIJICLEAR – Modern Way of Making Payments
FIJICLEAR is the name of Fiji’s “Real Time Gross Settlement System” (RTGS) which went live in August, 2007. It is a system that transfers money, whereby, the transfer of money takes place from one bank to another on “real time” and on a “gross” basis. Settlement in “real time” means that payment transactions are not subjected to any waiting period. The transactions are settled as soon as they are processed. “Gross settlement” means the transaction is settled on a one-to-one basis without bulking with any other transactions. Once processed, payments are final and irrevocable.