Official Launch of “Fast Payment” service with NBC
The National Bank of Cambodia in cooperation with 13 commercial banks and microfinance deposit-taking institutions (MDIs) have officially launched “Fast Payment”, which is a new service that enables customers to receive funds immediately in response to their liquidity need.
The introduction of “Fast Payment” aims at providing an alternative channel that is safe, fast, efficient, and reliable for commercial banks and MDIs to execute interbank fund transfer and payment transaction in Riel for their customers all over the country. Furthermore, this service will positively contribute to promoting the use of Riel, enhancing transparency through electronic payment, reducing cash circulation in the market, ensuring the effective use of financial resources, and particularly, promoting financial inclusion and contributing to the economic development through the modernization of payment system in Cambodia.
Now, customers are able to use this service at commercial banks namely
- Cambodian Public Bank
and microfinance deposit taking institutions (MDIs) namely
- Vision Fund
- Hattha Kaksekar.
This service will be widely accessible in the near future at other commercial banks and MDIs, as these banks and MDIs are applying to participate in the Fast Payment.