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 worried of high service fees? If so, there is a faster clearance payment system available through your commercial bank. The Reserve Bank of Fiji gives you “FIJICLEAR”, a payment system that settles payments on the same day or in some cases immediately at a very reasonable cost.
FIJICLEAR is the name of Fiji’s “Real Time Gross Settlement System” (RTGS) which went live on 30th August 2007. This is a funds transfer payment system where 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 a payment transaction is 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 or netting with any other transaction. Once processed, payments are final and irrevocable.
FIJICLEAR is a modern and secure payment instrument available in Fiji to make payments to one another within one business day. In some cases payments through FIJICLEAR can be made almost instantaneously unlike the use of cheques and other payment methods where you have to wait a few days. FIJICLEAR transaction involves only 3 parties, these are the Payer, the commercial bank and the payee.