Real Time Gross Settlement (RTGS) System
The Bahamas Interbank Settlement System (BISS), which is a real time gross settlements system, allows clearing banks to electronically transmit and settle large value payments among each other, on a real time basis, with operational hours between 8:30 a.m. and 4:00 p.m. each business day. Payments submitted, which include large value and time sensitive transactions on behalf of bank clients and the public sector, are settled through bank balances maintained at the Central Bank, on an individual basis, in the order in which they are transmitted. Liquidity management tools exist to permit banks to obtain intra-day credit from the Central Bank to make large payments if balances are inadequate. To collateralize the facilities, institutions have lodged Government bonds in an electronic depository with the Bank. When utilized, banks are required to repay intraday loans by the close of the business day. This facility does not replace the discount window through which the Central Bank provides secured credit to banks on an overnight basis.