The National Bank of Cambodia ( NBC) on Wednesday officially launched the country's national clearing system in order to increase efficiency and expand clearing and settlement services for inter-bank transactions.
A central bank statement said that the central system can clear and settle payment instruments such as checks and legitimate electronic transactions within one day.
"Clearing and settling these instruments can be completed within one day and are operational at the NBC's National Clearing House," it said. "With the system, one bank can transfer its clients' deposits to another bank's clients on the same day everywhere in Cambodia."
It has taken the NBC many years to develop the system under the support of the Cambodian government and the technical support of the Asian Development Bank.
"The system is developed by using the latest technology with high safety in order to ensure safety and to increase efficiency of inter-bank clearing and settlement services," the statement said. "It is also to meet the need of the rapid development of economy."
The NBC believed that banks would use the new system to expand clearing services more efficiently for their customers, it added.
In Channy, President and Chief Executive Officer of Acleda Bank, the kingdom's largest commercial bank, said Wednesday the central system is "fast and safe" for inter-bank transactions.
"Before we took two or three days to clear inter-bank transactions, with the system, it will take only one day," he said.