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Central Bank of Jordan launches new real time gross settlement systems

By Petra - Mar 21,2015 - Last updated at Mar 21,2015

AMMAN — The Central Bank of Jordan (CBJ) launched on March 15 the new real time gross settlement systems (RTGS) service, as of March 15.

In a statement, CBJ Governor Ziyad Fariz  said RTGS are funds transfer systems that will facilitate money transfer from one bank to another, adding that the step will boost economic and banking soundness and efficiency in the Kingdom.

It will ensure safe and efficient money transfer, which supports the financial policy and fosters financial stability in the Kingdom, he added. 

Settlement in "real time" means payment transaction is not subjected to any waiting period. The transactions are settled as soon as they are processed. 

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