With the authority vested in the article 7A(e) of BBO 1972, Bangladesh Bank has taken initiative to introduce RTGS system (BB-RTGS) in the country. All the schedule banks are required to take necessary preparation(s) to perform live transaction over BB-RTGS system from 08.10.2015. BB-RTGS will use MX (ISO 20022) message format for data exchange between central bank’s system and participating bank’s system through existing Virtual Private Network (VPN). The SWIFT network may be included as a redundant communication channel in the next phase.
- A participating module named ‘STP Adapter’ will be provided to all the schedule banks for seamless communication between BB-RTGS and the participants. In this regard banks’ Core Banking Solution (CBS) needs to be modified to produce MX message to create Straight-Through Processing (STP) environment. However, banks may choose to adopt ‘middleware’ based solution as an interim workaround. The Functional Specifications for BB-RTGS are being released herewith for the necessary technical modification/development at participants’ end.
- To attain the target, banks are advised to complete the following critical activities within the timeline below:
Sl. Activity Within/On
- Selection of Vendor (for middleware, if required) 30 Jun. 2015
- Installation of necessary Hardware and Software 17 Aug.2015
- Completion of User Acceptance Test 14 Sep.2015
- Completion of System Integration Test with BB-RTGS 01 Oct.2015
- Go Live 08 Oct.2015
- Inline with above timeframe, participating banks will prepare their implementation plan and submit to Bangladesh Bank by 23.04.2015. RTGS Implementation Manager from each bank will monitor and co-ordinate the implementation activities at banks’ end and will report to Bangladesh Bank as and when required.
Please acknowledge the receipt.