| CURRENCY AND PAYMENT SYSTEM | 36 | |
| MEPS+ |
36 | |
| Managing Dollars and Cents | 36 | |
CURRENCY AND PAYMENT SYSTEM
MEPS+
MAS operates MAS Electronic Payment System (MEPS+), Singapore's real-time gross payment and settlement system, which enables its participants to make immediate settlement of transactions and funds. A new release was implemented in November 2010 to support the Society for Worldwide Interbank Financial Telecommunicat ion (SWIFT) message format changes for 2010 and to cater for the handling of MAS Bills and deposits from non-MEPS+ counterparties to achieve better risk management, and strengthen our liabilities management capability. The MEPS+ hardware was also upgraded in September 2010 to cater for greater capacity and to provide greater resilience, efficiency and ease of management.
In view of the systemic impact of MEPS+ as a national payment system, MAS conducts contingency exercises both independently as well as with the MEPS+ banks, CLS and SWIFT to ensure the system remains resilient and stable minimising market disruptions.
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