Real Time Gross Settlement
The Real Time Gross Settlement System (RTGS) system is defined as a system in which both processing and final settlement of funds transfer instructions can take place continuously (i.e. in real time). As it is a real-time settlement system, the system effects final settlement continuously rather than periodically at pre-specified times. Moreover, this settlement process is based on the real-time transfer of money from one bank account to another bank account through State Bank of Pakistan. An RTGS system can thus be characterized as a funds transfer system that is able to provide continuous intraday finality for individual transfers.
The RTGS in Pakistan has been named as Pakistan Real-time Interbank Settlement Mechanism (PRISM). Pakistan Real-time Interbank Settlement Mechanism (PRISM) System is Pakistan’s is the only Large Value Payment System. It is a (RTGS) which provides a central platform for the settlement of large-value interbank funds transfers, Government Securities, retail clearing and customer transfers (over a certain minimum amount limit).
Soneri Bank Ltd. is offering RTGS facility to its customers, where customers can easily transfer amount to any other bank account in Pakistan in real time.
Features
- RTGS: Inter Bank Real time Money transfer facility through Electronic Payment System (PRISM) of State Bank of Pakistan. Speedy transfer in real time.
- Eligible Customers: All Soneri Bank Account holders are eligible to avail this facility.
- Nature of Transaction: Fund transfer from one bank account to another bank’s account in real time.
- Wider Boundaries – No geographical limitations within Pakistan
- Faster Settlement Cycles – No more inter-bank or clearing house settlement issues
- Categorization – The 3rd Party transfer through PRISM/RTGS fall into two categories;
- MT – 103 Big Value 3rd Party Transfers (Rs 1 Million and above)
- MT – 102 Small Value 3rd Party Transfers (Rs 1 Lac to Rs 1 Million)
This facility can be availed from all Soneri Bank branches across Pakistan within the stipulated by SBP timings (from Monday to Friday).
For further details, /assistance, please contact Branch Manager or Branch Operations Manager to your nearest Soneri branch.
Note: For commission and Charges details on RTGS transactions, please refer Soneri Schedule of Charges.