transactions, and 24-hour operation support are being introduced.  Improvement in efficiency and BPR 3 of CBM internal operations and the introduction of an accounting system are underway; however, automatic data linkage between CBM-NET and accounting system has not been implemented, which is a barrier to operational efficiency and the reduction of operational errors. 1.2 Project information In order to cope with the environmental changes such as in 1.1, the enhancement of functions on CBM-NET will be conducted in this project. The outline of the project is as follows: Table 1: Project Summary Item Description Project name Project for Development of ICT system for Central Banking (Phase 2) (hereinafter, Phase 2, or this project) Base objective Establish the financial environment to accomplish efficient and steady policies and businesses at CBM. Objective of the project Accelerate the efficiency of the entire settlement process of both CBM and FIs and accomplish further modernization of the financial markets and policies of Myanmar. Outcome of the project The new functions based on international standards have been installed in CBM-NET. 3 Business Process Re-engineering: An approach to redesign business processes such as business flow, organization structure and business rules. ii