East Timor’s central bank launches international tender to simplify bank transfers

6 August 2013

The governor of the Timor-Leste Central Bank, Abraão de Vasconcelos has announced the launch of an international tender for acquisition of an automated payment system that will allow for immediate transfers between banks.

The Central Bank plans to buy a combined real-time gross settlement and clearing computer system, which is due to start operating at the beginning of 2015.

“Real-Time Gross Settlement will link the computer systems of banks and government services to clearing accounts at the Central Bank. The new system will make it possible for large or urgent transfers to be processed immediately between customer accounts,” said the central bank’s statement.

The statement also noted that in an initial phase the Central Bank would set up a system to allow ATMs to be installed as well as Internet and telephone transactions and other electronic banking services.

The Central Bank said it believed that these measures would reduce payment-related delays, costs and risks.(macauhub)