Suva, Fiji, October 08, 2022 –The Reserve Bank of Fiji (RBF) in partnership with the Association of Banks in Fiji (ABIF), has been working on the modernisation of the National Payment System over the last year. The reform of the payment system is aligned with the National Payment System Act 2021, which was passed by Parliament in February 2021 and came into effect on 30 September 2022.

The ABIF and RBF works to ensure financial stability through significant developments in Fiji’s payment systems landscape with FIJICLEAR introduced in 2007, which is the Real Time Gross Settlement System (RTGS) that settles large value interbank and customer transactions. This reform will see an upgrade in the existing RTGS to provide for more effective and efficient payments with enhanced electronic fund transfers.

The system upgrade is scheduled to Go-Live in November 2022. RBF Governor Mr Ariff Ali said “that while the system is being upgraded there is a detailed transition plan in place with continuous consultations with all stakeholders as well as regular and robust testing of the system with commercial banks and partners to ensure customers are not impacted adversely.”

The Chairman of ABIF, Mr Rakesh Ram, said that “the system upgrade of the RTGS is timely and is expected is bring about efficiencies in their operations and at the same time improve the processing time for customers. Mr Ram also highlighted that the ABIF is appreciative of the role the central bank is taking in collaborating with the ABIF to jointly work towards uplifting and enhancing customer service standards.”

The RBF is continuously working with stakeholders to ensure a modern, efficient and reliable payments infrastructure which is essential to encourage innovation and commerce, the growth and development of financial markets and improve the transmission of monetary policy.