CMA’s solution for the National Clearing System goes live at the National Bank of Cambodia
Stockholm, 12th of December 2012. CMA of Sweden announced today that the National Bank of Cambodia has officially launched CMA’s solution for the new National Clearing System, which will increase the effectiveness and expand services for interbank clearing and settlement in Cambodia.
The introduction of the National Clearing System will facilitate clearing and settlement of payment instruments such as legally binding Checks and Electronic Payments Orders (Credit Remittance, Direct Credit and Direct Debit) through the new centralized National Clearing House located at the National Bank of Cambodia. These payments will be cleared and settled on the “same day” basis, thus enabling a bank to transfer customer’s funds from one bank to another within the same day throughout Cambodia.
The National Bank of Cambodia has been developing this new National Clearing System with the full support of the Royal Government of Cambodia and Technical Assistance from the Asian Development Bank. This system is designed to include the latest technology standards for high security to ensure safety and enhance the effectiveness of the processing and delivery of the interbank clearing and settlement services.
The development of this system is a major component of the National Bank of Cambodia’s long term Payment System Development plan, as set out in the Financial Sector Development Strategy for 2011 – 2020 of the Royal Government of Cambodia. Developments under this plan will meet the requirements of the current rapid development of Cambodia’s economy and the demand for new payment instruments.
Please see the attached press-clipping for additional information about the launch of the system.