Keeping the need of efficient telecommunication facilities among member countries in view, the Committee has also recommended that all the member countries could introduce SWIFT system for transmitting messages to facilitate faster settlement of transactions especially in view of the fact that use of telex is being discontinued by most countries.
Introduction of the Real Time Gross Settlement System (RTGS), although expensive, could be thought of as a medium term objective by member countries. Apart from improving upon the existing operational mechanism of ACU to enhance efficiency of the Union it could now be used as a forum for free exchange of views among the members.