Bhutan Inter-Bank Real Time (BIRT) – Fund Transfer System
Bhutan Inter-Bank Real Time (BIRT) – Fund Transfer System is a nationwide electronic fund transfer system for e-PEMS (electronic Public Expenditure Management System) and the general public, to facilitate transfer of funds from one Branch of a bank to any other bank branch within the country.
The BIRT payment system supports THREE types of payment services:
1. BITS (or Batched Settlement Service) – It enables high-value interbank fund transfer in a batched settlement cycle. Batch timing is set up by RMA and the maximum limit for transfer is Nu. 1,000,000/- (Ngultrum One Million Only).
2. RTGS (Real-Time Gross Settlement Service) – Payments are settled immediately in real-time and is an important payment system as it is used for high-value transactions which are above Nu.1,000,000/- (One Million and above).
3. Bulk Payment Service – Payment system which can handle bulk payment from a single account to multiple beneficiaries targeted mostly for institutional payments like salary, pension payments, loan repayments, etc.