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Cambodia launches inter-bank payment system

The National Bank of Cambodia (NBC) has formally rolled out the Cambodian Shared Switch (CSS), a chip-and-card inter-bank payment system, following a pilot run since October 2017.
Cambodia launches inter-bank payment system ảnh 1Illustrative photo (Source: Phillipbank)
Phnom Penh (VNA) - The National Bank of Cambodia(NBC) has formally rolled out the Cambodian Shared Switch (CSS), achip-and-card inter-bank payment system, following a pilot run since October2017.

CSS enables money transfers and withdrawals throughparticipating financial institutions (PFI) and is viewed as an initiative toalign the country’s payment landscape with regional and global technologicaldevelopment, reported the Phnom Penh Post.

Speaking at the launch ceremony on July 4, NBC deputy governor CheaSerey noted that CSS would allow clients to make cross-institutionaltransactions using cards at ATMs and point-of-sale (POS) devices, as well asoffer a “local switch” for regional payments.

Serey expressed hope that the CSS will promote transparencyin electronic payments, efficiency in the use of financial resources, and thegovernment’s digital-economy agenda, in addition to reducing the usage ofphysical currency.

Cambodia Microfinance Association (CMA) chairman Sok Voeun saidby expanding the scope of financial institutions’ operations, CSS is crucialfor enhancing the financial sector as a whole, adding that there are“thousands” of ATMs nationwide operated by CSS PFIs./.
VNA
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