FINANCIAL TECHNOLOGY | Staff Reporter, Taiwan

Taiwan’s RTGS system adds renminbi to Swift platform

Is a faster and more efficient way of processing RMB.

Swift has announced that renminbi settlement and clearing services are now available on Taiwan's Real Time Gross Settlement (RTGS) system. Swift is the financial messaging provider for over 10,000 banking organizations, securities institutions and corporate customers in 212 countries and territories

The new service allows banks to directly carry out RMB clearing and settlement in Taiwan. It is a faster, more efficient, reliable and secure way of processing RMB among all participants, while reducing conversion costs associated with offshore clearing and settlement.

The new service will strengthen the overall competitiveness of Taiwan's banking industry and promote wider use of RMB by financial institutions and corporates.

Alain Raes, Chief Executive, Asia Pacific and EMEA, Swift, said a cost efficient, reliable and secure foreign currency clearing and settlement platform is the essential component of any financial market infrastructure.

“We are pleased that the Taiwan RTGS system has been running smoothly since its launch and is now extended to handle RMB. It will help to accelerate the development of financial markets in Taiwan and facilitate the internationalization of the RMB."

Swift is used by payment market infrastructures in 10 other Asia-Pacific countries and territories, including Australia, New Zealand, the Philippines, Thailand, Sri Lanka, Singapore, Fiji, Hong Kong, Macau and Taiwan, and in 70 RTGS systems around the world.

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