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NASDAQ: FNDT), a leading provider of e-payments and Internet banking solutions, announced today that Overseas Union Bank (OUB), Singapore's fourth largest bank, will implement Fundtech's PAYplus RTGS electronic payments solution.
PAYplus RTGS now is firmly established as the Real Time Gross Settlement payment system of choice for new initiatives within international banking," said Reuven Ben-Menachem, chairman and chief executive officer, Fundtech.
An RTGS system is a core component of a modern financial system.
PAYplus RTGS will support multiple remote users, interface with a variety of sub systems, and facilitate workflow management.
As the bank continues to invest in its payments technology and people to increase efficiency and ensure excellence in customer service, Fundtech's PAYplus RTGS will deliver a key component in our investment strategy and give AIB a technologically advanced payment processing engine," said John Conway, Payment Team Project Leader, AIB Capital Markets.
The value of turnover in the RTGS system amounted to RSD 3,576.
The apex bank said, 'As stated in the Consultation Paper, the Bank has decided not to build the renewed RTGS service on Distributed Ledger Technology, in light of its findings that the technology is not yet sufficiently mature to provide the exceptionally high levels of robustness required for RTGS settlement.
In its response to the RTGS the Bank said it accepted all of the review's recommendations and established how it intends to implement each of them.
A spokesman said: "The Bank of England has identified a technical issue related to some routine maintenance of the RTGS payment system and has paused settlement while we resolve it.
The RTGS system is designed to forestall a chain reaction of defaults on the debts of banks -- even when a bank defaults on a debt to another bank -- whose solvency may be seriously undermined by the default.
Sterling Commerce and the Perago companies will work together in the development and distribution of a comprehensive packaged RTGS participant solution designed to enable banks to integrate seamlessly between the central RTGS system and their own back-end core banking applications.
Beograd: Total 16 million payments were processed in the NBS RTGS (12.
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