TACH system definition
TACH system means an electronic clearing system that enable files of payment instructions to be exchanged among the system participants, calculates the multilateral net positions and submit a Net Settlement Instructions to TISS to undertake settlement. “TACH Member” means any licensed bank, which agrees to abide by these Rules governing the operations of the TACH. The term member includes the Bank of Tanzania as a participating bank and as a Settlement Agent, “TISS” means Tanzania Interbank Settlement System, a real time gross settlement system. “User” means a staff member or appointed agent of a participant who is entitled, under these rules, to use the TACH facilities, and has been issued with a secure access control. “Virtual Private Network(VPN)” means a private user group on a secure network, in this context, a proprietary inter-bank network implemented in Tanzania to support the connection of the participants to the central TACH components.