Vanuatu launches new automated payments network
Island nation opens interbank rails and central securities depository
The Reserve Bank of Vanuatu launched a new automated payments system on September 11.
The Vanklia system includes a real-time gross settlement (RTGS) system, an automated clearing house and a central securities depository. Previously, interbank settlement relied on cheques.
The project enjoyed support from the Australian and New Zealand governments, as well as the World Bank’s private sector arm. The law authorising the new system was passed in 2021.
Simeon Athy, the central bank governor
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