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Digitizing Payments with Montran’s RTGS Platform

May 16, 2024

Sri Lanka sets out on a journey of digital transformation with the launch of Montran’s Real-Time Gross Settlement (RTGS) system.

PROJECT SPOTLIGHT /Montran/ — Montran recently achieved a significant milestone by successfully implementing the Real-Time Gross Settlement (RTGS) system for the Central Bank of Sri Lanka (CBSL). This landmark achievement signifies a crucial step in CBSL’s digital transformation journey towards innovation. The transition to the new system is expected to revolutionize business operations and elevate the country’s payment infrastructure to new heights.

Utilizing the “big bang” methodology for the go-live phase, all stakeholders seamlessly integrated with the new RTGS system, enabling uninterrupted processing of payments. The state-of-the-art graphical user interface (GUI) enhances end-to-end payment tracking capabilities. Additionally, the adoption of a V-Shape topology by the central bank facilitates a secure VPN channel for banks to seamlessly connect with the new system, complementing the existing SWIFT network.

Under the previously-outdated banking infrastructure, Clients consistently encountered challenges hindering their ability to meet evolving market demands. These obstacles ranged from inefficient processes to outdated systems, including:

  • System unavailability for 24/7/365 operations
  • Lack of high-level automation
  • Absence of end-to-end message tracking of transactions
  • Limited liquidity monitoring capabilities
  • Inadequate user management control with participants
  • Enhanced reporting module required
  • Detailed audit trail for user and transactional data was missing
  • Historical data retrieval issues

 

Montran’s advanced RTGS platform was designed to tackle these challenges head-on, bringing about a new level of efficiency in the payment ecosystem. This platform enhances efficiency, agility, and competitiveness for clients across various industries. With customized features and functionalities, it streamlines processes, boosts productivity, and addresses obstacles, introducing innovative solutions such as:

  • Implemented a SWIFT Message topology change from Y-Copy to V-Shape, enabling a VPN channel for transmitting RTGS payments alongside the SWIFT network
  • Migration to the ISO 20022 messaging standard
  • 24/7/365 processing capability with enhanced system availability
  • Improved liquidity management for participants
  • Comprehensive interfacing capability
  • Enhanced reporting module functionalities
  • Detailed audit trails for monitoring and audit purposes
  • End-to-end automation and tracking of RTGS payments
  • Enhanced visibility of payment lifecycle
  • Advanced dashboards for monitoring purposes

 

The implementation of the new system brings important benefits to both the Central Bank and the participants in the country. These include:

  • Around-the-clock seamless processing of RTGS payments
  • Global compatibility and standardization with the adoption of the ISO 20022 messaging standard
  • Multi-currency system to facilitate international transactions
  • Secure VPN channel for encrypted payment transmissions
  • Real-time liquidity management insights for efficient cash flow forecasting
  • End-to-end automation to streamline processes and minimize manual intervention
  • Reduced processing time and enhanced business operations through efficient settlement processes
  • Robust security measures such as 2FA and digital signatures for transaction integrity and security

 

Montran’s RTGS system implementation has not only modernized payment operations for the Central Bank of Sri Lanka but also paved the way for enhanced efficiency and innovation in the country’s financial ecosystem.

About Central Bank of Sri Lanka

The Central Bank of Sri Lanka (CBSL) is the apex financial institution in Sri Lanka. CBSL is responsible for the administration of the monetary, financial and payment systems of Sri Lanka.

About Montran

Montran is the leading provider of securities market and payments infrastructure solutions, serving over 80 countries with mission-critical facilities and operations. Discover more at https://www.montran.com.

SOURCE Montran

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