The Bank of Mongolia reported that the second phase upgrade of Mongolia's real-time gross settlement (RTGS) system, part of the payment system upgrade project, was implemented successfully, on February 20.
By upgrading the system, the speed, volume, and overall capacity of transferring payments has tripled, and transactions between banks will become more sophisticated.
Mongolia first adopted a RTGS system in 2009 for use with high-value transactions in real time. The payment system upgrade project is being financed by Asian Development Bank.
The Bank of Mongolia reported that the second phase upgrade of Mongolia's real-time gross settlement (RTGS) system, part of the payment system upgrade project, was implemented successfully, on February 20.
By upgrading the system, the speed, volume, and overall capacity of transferring payments has tripled, and transactions between banks will become more sophisticated.
Mongolia first adopted a RTGS system in 2009 for use with high-value transactions in real time. The payment system upgrade project is being financed by Asian Development Bank.