No bank queues for customers

National, Normal

The National, Thursday July 25th, 2013

 LONG queues for customers in banks will now be a thing of the past, Treasurer Don Polye says.

That had been made possible by the National Payment System Bill 2013 passed in Parliament last week.

It will allow for the establishment of the electronic national payment system in Papua New Guinea.

“It will facilitate an important step in our country’s transition to using the latest technology,” he said on Sunday.

“The implementation of electronic inter-banking fund transfer and real time gross settlement is a major leap forward for the country and will bring many advantages to all sectors of the economy.”

He noted that it would reduce systematic risk within the banking system and streamline the funds transfer process, making it more reliable and efficient.

For example, importers will be able to transfer payments to customs quickly and lift their cargo from the wharves straight away.

“The bill not only will allow tax payments electronically, which will increase efficiency and reduce fraud, but benefit public servants who will be paid through a more streamlined process,” he said.

“The bank will accommodate a state-of-the-art banking system, a fundamental step in facilitating PNG’s transition.”