Retail Payment Systems
In the OIC Member Countries
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• Guideline V: Retail payments should be supported by appropriate governance and risk
management practices.
• Guideline VI: Public authorities should exercise effective oversight over the retail
payments market and consider proactive interventions where appropriate (World Bank,
2012).
Table 6. OIC Member Countries and their RTGS Systems
Country RTGS System
Albania AECH (Albanian Electronic Clearing House System), RTGS
Azerbaijan AZIPS (Azerbaijan Interbank Payment System)
Egypt RTGS
Indonesia Sistem Bank Indonesia Real Time Gross Settlement (BI-RTGS)
Iran SATNA (سامانه آنی ناخالص تسویه, Real-Time Gross Settlement System)
Ivory Coast STAR-UEMOA (Système de Transfert Autmatisé et de Règlement de
l’UEMOA)
Kuwait KASSIP (Kuwait's Automated Settlement System for Inter-
Participant Payments)
Malaysia RENTAS (Real Time Electronic Transfer of Funds and Securities)
Morocco SRBM (Système de règlement brut du Maroc)
Nigeria CIFTS (CBN Inter-Bank Funds Transfer System)
Pakistan Pakistan Real Time Inter-Bank Settlement Mechanism - PRISM (State
Bank of Pakistan)
Saudi Arabia SARIE (Saudi Arabian Riyal Interbank Express)
Turkey EFT (Electronic Fund Transfer)
United Arab Emirates UAEFTS (UAE Funds Transfer System)
RTGS systems provide online, real-time information facilities whereby banks can obtain data
on the status of transfers, accounting balances and other basic parameters (BIS, 1997). An
important element that helps to define the operational environment of queuing is the
information available to banks or the system centre with regard to queues. In a RTGS system,
an institution can execute a payment only if it has adequate balances in its settlement account
at the central bank. Thus, any liquidity problem is detected as soon as it arises. Indeed, a RTGS
system does not eliminate the possibility that an institution may fail and unable to make
payments as they fall due, but it does limit the problem to the failed institution.