Regulatory Alerts2023-11-08
Added
PSD Circular Letter No. 06: Clearing and Settlement of Electronic Funds Transfer (EFT) through Nikash-BEFTN
The document mandates that the Electronic Funds Transfer (EFT) clearing and settlement system via Nikash-BEFTN will transition to a new software platform on November 12, 2023, operating in three distinct daily sessions. It requires all scheduled banks to submit debit and credit transactions in separate files and to process returns within two sessions following settlement. The current system's deadline for sending EFT transactions is set for November 9, 2023, at 02:00:00 hours, after which no further transactions can be sent, and banks must ensure their staff are present for the official launch on November 10 and 11, 2023.
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