Payment and Settlement Systems
Payment and Settlement Systems are systems associated with the transfer of money between different individuals and entities.
Payments are made manually as well as electronically. Common manual payment systems in Fiji are cash and cheque payments. Electronic payment systems in Fiji include internet banking portals, automated telling machines, EFTPOS, mobile wallets, gift vouchers and debit and credit cards.
For cheque payments, commercial banks exchange cheques with each of the other banks in the Clearing House daily. Arising from this exchange, Statement of Net Settlement is derived. Settlement of the sum of all payments is made electronically through FIJICLEAR.