“The processing and settlement of such transactions takes place in real-time, online mode, with final and irrevocable intra-day settlement,” said Mr Ahmed Buhijji, Director, Banking Services, at the CBB, in a press release issued by the central bank. "This means that anyone, whether an individual, a business organisation or a bank itself, can make electronic payments to whomsoever they like, with the value of such payments received almost instantaneously, as against two to four days previously."

BCSIS is a leading provider of clearing and payment systems with nearly 20 years of industry experience and a strong track record of successful implementations in central banks.

In the CBB implementation, BCSIS’ IS Pay RTGS and IS Pay Securities systems combine to provide an integrated solution to support interbank payments and securities transactions. As the prime contractor, BCSIS was also overall responsible for the full delivery of the project, said Ms Lim Boon Lian, General Manager, Project Delivery Group at BCSIS. It worked with two Middle Eastern partners: International Turnkey Systems (ITS) which provided the hardware, system software, network components and related services; and Allied Engineering Group (AEG), a SWIFT solution partner which provided the SWIFT integration services required for the setup of the RTGS and Securities Settlement System (SSS) which supports the processing and settlement of all conventional and Islamic securities in Bahrain.

Ms Lim: The key was to be able to adapt to the working environment in Bahrain quickly, and to have an incredible and committed team.

SWIFT connectivity ensures secure transmission of transactions between the banks, and with the central bank. Together, the systems enable final and irrevocable settlement in real-time for interbank payments, and also for securities transactions on Delivery-versus-Payment basis. The systems also provide detailed real-time information on transactions made, their status, account balances and securities positions.

CBB adopted a three-phase implementation approach, migrating the banks in Bahrain to the RTGS and SSS system in three batches. The project started in January 2006 and went "live" for a first group of banks in June 2007. The second batch went "live" in July while the final and third batch of banks
went "live" in August 2007.

The CBB project is BCSIS’ first in the Middle East. The CBB came to know of BCSIS and its RTGS and SSS systems when one of their directors attended the Sibos conference in Singapore in 2003. BCSIS was subsequently invited by their Governor of CBB to submit a proposal for the implementation of an RTGS and SSS system in Bahrain.

According to Ms Lim, “One of the key challenges in the project was the need to co-ordinate and work with several parties, for example, CBB, BCSIS’ partners, the telecommunication service provider and the banks, in order to implement the system. The project was also very challenging in that it involved having to implement, install and test not only one but two major application systems - the RTGS and the SSS - within 18 months. The key was to be able to adapt to the working environment in Bahrain quickly, and to have an incredible and committed team.”

The smart car promises much, but the smart cart is set to bring our favourite pastime to a higher level. Radio Frequency Identification (RFID), best known as a tool to increase visibility in logistics, could soon find its way into shopping carts and transform the shopping experience, thanks to a Memorandum of Understanding (MOU) signed at the National RFID Centre User Conference and Technology Exhibition.

The carts will be able to help shoppers locate products and expedite the checkout process.

The National RFID Centre (www.exploit-rfid.com), set up by the Agency for Science, Technology and Research (www.a-star.edu.sg), the Economic Development Board, Infocomm Development Authority of Singapore (www.ida.gov.sg) and SPRING Singapore (www.spring.gov.sg), is a focal point of the Government’s efforts to help local enterprises tap RFID to improve business and deliver value to their customers.

Under the MOU by MediaCart Asia, Exploit Technologies, Institute of Microelectronics (IME) and Singapore Institute of Manufacturing Technology (SIMTech), MediaCart Asia will invest S$2.5 million to develop RFID-enabled shopping carts that promise to improve the lot of all involved in the shopping process – retailers, shoppers and brand marketers.

Individual carts can guide shoppers to locate the products they want easily, and offer useful information like recipes and nutritional information of food while they cruise the aisles, as well as expedite the checkout process.

Retailers will also benefit, as the RFID-enabled carts will help the stores to have a clearer sense of buying patterns. The carts can also allow real-time in-store advertising and promotions, which are desirable for advertisers and consumers alike, since most buying decisions are actually made in the
store itself.

To achieve this brave new shopping experience, retail marketing media company MediaCart Asia has licensed the MediaCart system from US-based MediaCart Holdings. MediaCart Asia will also tap the expertise of IME and SIMTech for the project, which is supported by SPRING under the Technology Innovation Programme. The company is also taking steps towards a pilot trial with supermarket retailers.

Besides using the carts in the retail sectors, their adoption in other industries will also be explored. Dr Jannie Tay, MediaCart Asia’s founder, is upbeat about the possibilities of the intelligent carts. “We are very excited about its potential and the benefits that MediaCart can bring to retailers, manufacturers, brand owners and particularly, shoppers,” she said.

The NCS Group (www.ncs.com.sg) has successfully implemented a Mobile Banker System which enables Sri Lanka’s Seylan Bank and The Finance Co to offer banking and financial services to their customers, wherever they are. Seylan Bank and The Finance Co are subsidiaries of Ceylinco Consolidated, one of the largest business conglomerates in Sri Lanka.

With the new system, customers of both Seylan Bank and The Finance Co now have the choice of conducting banking and financial transactions at home or at the work place instead of going to a branch or automated teller machine.

The system revolutionises the way banking and financial transactions are conducted, especially in developing countries where customers in villages may need to take hours to commute from home to a nearby branch for banking or financial services. It also provides the bank and the finance company with a new channel that can be used to expand their customer base and
enhance loyalty.

Dr Kotelawala: The Mobile Banker System offers new business opportunities.

Under a contract awarded in January 2007, NCS is responsible for the design, development and implementation of the Mobile Banker System. Ready in less than 10 months, the system is now being rolled out in phases across Sri Lanka.

The Mobile Banker System enables the business development officers of Seylan Bank and The Finance Co to carry out secure banking and financial transactions on the Personal Digital Assistant (PDA). The officers will be equipped with a PDA and a small portable printing device. They can perform functions such as cash and cheque deposits, cash withdrawal, remittance disbursement, loan application and account opening at this stage.

The officer will also be able to retrieve relevant customer information to better understand the customer’s total relationship with the bank or the finance company. If a customer wishes to apply for a loan, the business development officer can submit the loan application electronically, and the system will perform customer credit checking. Once the customer creditworthiness is ascertained, he will be able to provide an in-principle approval to the customer on the spot.

The system is built on NCS’ iConnect.Net Framework based on Microsoft.Net platform, and uses wireless technology to update information like the account balance real time. NCS’ solution also incorporates multi-level security features such as stringent encryption, authentication and E-signature.

Deshamanya Dr Lalith Kotelawala, Chairman of Ceylinco Consolidated, noted that the group is the first in Sri Lanka to roll out the Mobile Banker System for its financial institutions. “It offers new business opportunities as it is a means to reach the mass market. With the system, customers need not have to travel to the bank for a loan. The new system will cut cost and build greater relations between our customers and us,” he said.

“We are harnessing the market potential of wireless applications, and in doing so, we can deliver the kind of convenience and value-added services that are most important to consumers in today’s competitive market,” he added.