Eurosystem's T2 wholesale payment system goes live
The Paypers
MARCH 21, 2023
The European Central Bank has announced the launch of the new real-time gross settlement (RTGS) system and central liquidity management.
Real Time Gross Settlement (RTGS) Related Topics 
Successful Migration of the Kenya Electronic Payment and Settlement System to the ISO20022 Global Messaging Standard
Fintech Finance
OCTOBER 21, 2024
The Central Bank of Kenya (CBK) announces that the Kenya Electronic Payment and Settlement System (KEPSS) has been successfully migrated to the ISO20022 Global Messaging Standard (“ISO20022 Standard”). KEPSS, which is Kenya’s Real-Time Gross Settlement (RTGS) system, is operated by CBK to process large-value and time-critical payments.
ISO 20022 – Expanding like no tomorrow
ACI Worldwide Blog
MAY 13, 2024
In the domestic Real-Time Gross Settlement (RTGS)/Wire and cross-border payment spaces, transformation to the most recent ISO 20022 (HVPS+ and CBPR+) messaging standards has been ongoing since 2022. ISO 20022 is a messaging standard used across the financial industry.
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ClearBank Onboards First Clients to T2 European Payments System
Fintech Finance
OCTOBER 11, 2024
The fintech clearing bank welcomes OpenPayd, Pay Perform (which trades as Orbital), and Transact Payments, which will all benefit from real-time transactions in Euros. T2 is the real-time gross settlement (RTGS) system owned and operated by the Eurosystem.
Faster Payments Interoperability
Faster Payments Council
JUNE 2, 2020
The paper also provides an explanation of the different forms of settlement: deferred gross settlement, deferred bilateral net settlement, deferred multilateral net settlement, and real-time gross settlement (RTGS). View the Document
Risk, fintechs and regs spark real-time payment reforms in U.K.
Payments Source
DECEMBER 10, 2018
s Real-Time Gross Settlement (RTGS) system. payments authority, Pay.UK, is developing a New Payments Architecture that will upgrade Britain’s Faster Payments real-time retail system. The Bank of England is upgrading the U.K.’s Separately, the U.K.
Project Meridian FX: Joint Project by the Eurosystem and London Centres, and the Bank of England, to Test Synchronised Settlement in FX
Fintech Finance
JUNE 17, 2024
The project will provide insights on how operators of real-time gross settlement (RTGS) systems could enable interoperability with new payments technologies, such as distributed ledger technology (DLT).
Bank of England publishes policy regarding omnibus accounts in RTGS
The Paypers
APRIL 20, 2021
The Bank of England has published a policy regarding omnibus accounts: a new type of account available as part of the Real-Time Gross Settlement (RTGS) service.
Bank Of England Hires Accenture To Revamp Payments System With Eye On Digital Currency
PYMNTS
JULY 30, 2020
s central bank announced on Thursday (July 30) that it has hired IT firm Accenture to revamp and modernize what is known as the Real-Time Gross Settlement (RTGS) service, which handles daily transactions worth more than $895 million between large financial institutions (FIs).
RBI announces RTGS to run 24x7 from December 2020
The Paypers
OCTOBER 12, 2020
The Reserve Bank of India (RBI) has announced that online transfer of funds through real-time gross settlement (RTGS) will be available round-the-clock from December 2020, according to mint.
Fed Names Leader For FedNow Faster Payments Service
PYMNTS
AUGUST 15, 2019
The Federal Reserve has announced a leader of the new FedNow service, which was created to facilitate faster payments in the country with interbank real-time gross settlement (RTGS), as well as integrated clearing, according to a release. First Vice President Kenneth C.
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Bank of England opens RTGS service to fintech competition
The Paypers
JULY 20, 2017
(The Paypers) The Bank of England (BoE) has announced it opens access to settlement accounts in its real-time gross settlement (RTGS) system to promote fintech innovation.
Bank of Thailand Concludes Retail CBDC Pilot Programme, Reveals Key Findings
Fintech News
MAY 8, 2024
Thailand’s CBDC journey The BOT’s journey towards a CBDC began in 2018 with Project Inthanon, which focused on creating a decentralised Real-Time Gross Settlement (RTGS) prototype using wholesale CBDC.
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Basware Integrates Solutions With SAP App Center
PYMNTS
NOVEMBER 26, 2019
The companies are collaborating on a payment platform designed to accelerate payments and settlement between banks and their customers, with a focus on allowing for interoperability between existing real-time gross settlement (RTGS) systems and blockchain-based systems.
Volante Technologies chosen by Finexus to provide MT to MX message transformation in RTGS systems
The Paypers
SEPTEMBER 26, 2016
(The Paypers) Volante Technologies , a payments technology provider, has been chosen by Finexus to provide the key MT to MX message transformations in Real-time Gross Settlement (RTGS) System implementations.
Google Backs FedNow Payments System
PYMNTS
DECEMBER 16, 2019
central bank to consider modeling FedNow after the Unified Payments Interface (UPI) framework used in India, The Economic Times (ET) reported on Sunday (Dec. FedNow is the new interbank real-time gross settlement (RTGS) service that will offer integrated clearing functionality for faster digital payments.
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Reserve Bank of New Zealand partners SIA to implement new Real-Time Gross Settlement system
The Paypers
APRIL 19, 2016
(The Paypers) The Reserve Bank of New Zealand (RBNZ), New Zealand`s central bank, has partnered with SIA , a financial consulting firm, to implement and support a new Real-Time Gross Settlement (RTGS) system.
The Corporates Betting On Blockchain To Reshape Capital Markets Infrastructure
CB Insights
NOVEMBER 5, 2020
Payments: This category includes companies working on tech like payment currencies, stablecoins (cryptocurrency pegged to the value of a non-volatile asset like the dollar), and real-time gross settlement (RTGS) systems that can enable transactions within a DLT-based capital markets framework.
U.S. Faster Payments Council Publishes Interoperability White Paper
Faster Payments Council
JUNE 3, 2020
In addition to illustrating three models for payments interoperability, the paper provides an explanation of the different forms of settlement: deferred gross settlement, deferred bilateral net settlement, deferred multilateral net settlement, and real-time gross settlement (RTGS).
The Blockchain Companies Poised To Transform Capital Markets Infrastructure
CB Insights
OCTOBER 29, 2020
Payments: DLT companies in this category are working on tech like payment currencies, stablecoins (cryptocurrency pegged to the value of a non-volatile asset like the dollar), and real-time gross settlement (RTGS) systems that can enable transactions within a DLT-based capital markets framework.
Bank Of England Pulls Payment Schemes Onto Same Page With ISO 20022
PYMNTS
JUNE 7, 2018
The Bank of England noted that this change coincides with the launch of the real-time gross settlement (RTGS) infrastructure under CHAPS, as well as the New Payments Architecture under BACS and Faster Payments.
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46 SAP, R3 Back Blockchain For Real-Time Gross Settlement
PYMNTS
OCTOBER 25, 2019
24) said the companies are collaborating on a payment platform designed to accelerate payments and settlement between banks and their customers, with a focus on allowing for interoperability between existing real-time gross settlement ( RTGS ) systems and blockchain-based systems.
Ripple Leads Cryptocurrencies Lower
PYMNTS
JANUARY 9, 2018
Cryptocurrencies led by real-time gross settlement (RTGS) system Ripple’s XRP fell in trading Monday (Jan. 8) as investors bet its stock surge was a bubble. . According to a report in CNBC, Ripple was down 10 percent while bitcoin fell 7.6 percent, and lifecoin dropped 6.4 percent, however.
Third Parties Help Central Banks Ride RTP Rails
PYMNTS
DECEMBER 4, 2018
Many of the central banks that launched their real-time gross settlement (RTGS) systems more than a decade ago are seeking to replace these aging systems with new ones. Meanwhile, countries that have never had an RTGS system also want to get on board.
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ACI Streamlines Banks’ Path To Real-Time Payments
PYMNTS
OCTOBER 11, 2017
According to ACI, the solution addresses the challenges banks face when managing multiple, separate systems and schemes involving real-time payments. The company noted that banks must support real-time payments capabilities and solutions if they are to remain competitive in today’s financial services market.
Are SWIFT Technicians To Blame For Bangladesh Bank Heist?
PYMNTS
MAY 9, 2016
The specific issue seems to have been with how SWIFT was connected with Bangladesh’s first real-time gross settlement (RTGS) system. That change was made three months before the hack occurred. “The changes caused much more risk for Bangladesh Bank.”
Real-Time Payments Driving Real-Time Liquidity: Deutsche Bank
PYMNTS
NOVEMBER 14, 2018
A new report from Deutsche Bank said this industry path is guiding banks and corporates to a new destination: real-time treasury.
In The Blockchain Race, FIs Hustle Not To Come In Last
PYMNTS
JUNE 27, 2018
The Bank of England caught the financial services world’s attention when its Governor, Mark Carney, spoke about the central bank’s latest initiative to revamp and rebuild its real-time gross settlement (RTGS) system.
SWIFT CEO Says It’s Not Responsible For Hacks
PYMNTS
MAY 13, 2016
The statement comes after weeks of mudslinging, wherein Bangladeshi officials blamed SWIFT technicians for introducing security loopholes into the bank’s network while connecting the messaging network to Bangladesh’s first real-time gross settlement (RTGS) system.
TRENDING: Inside Hong Kong’s New Faster Payment System
PYMNTS
NOVEMBER 6, 2018
Last year, only 25 real-time payment systems were operational worldwide — that number is growing rapidly. Demand is also heating up for real-time gross settlement (RTGS) systems. The governor of the Federal Reserve is pushing conversations on getting an RTGS system in the U.S.,
Moving Money X-Border In The Age Of ‘Business As Unusual’
PYMNTS
APRIL 8, 2020
The time available to fix SWIFT messages is two days; the time to fix real-time gross settlement (RTGS) payments is the daily cutoff; to fix faster payments is two hours; and instant payments a scant two minutes. Add it all up, said Kilcoyne and Brandli, and the industry spends 21 billion euros ($22.9
TRENDING: How Ingram Micro Stays Atop Packages And Payments
PYMNTS
DECEMBER 14, 2017
In India, Axis Bank launched a blockchain-powered global payment service, developed using Ripple’s real-time gross settlement (RTGS) solution, to facilitate payments between businesses in Southeast Asia and the Middle East. Retail customers can now use the service to receive payments from the UAE’s RAKBANK.
What Hong Kong’s New Faster Payment System Means
PYMNTS
NOVEMBER 7, 2018
After two decades of tweaking and updating its existing Real-Time Gross Settlement (RTGS) system, Hong Kong determined it needed a new rail. Speeding along money and detailed information could mean beefing up existing infrastructure or building a new set of rails. per transaction.
SIA’s Third-Party Approach To RTGS
PYMNTS
DECEMBER 5, 2018
By 1990, many countries had real-time gross settlement (RTGS) systems in place to rapidly clear and settle high-value transactions. But as countries continue to demand more from their RTGS offerings, many are realizing that their aging services no longer meet their needs.
The Big Tech Canary In The Faster Payments Coal Mine
PYMNTS
JANUARY 21, 2019
This access, the letter says, will eliminate the bottlenecks of working through intermediaries while extending the reach of real-time payments to those who need it. Currently, access to the Fed’s Real-Time Gross Settlement (RTGS) system is limited to financial institutions that hold deposits.
BOE: Banks Don't Get Protection From Digital Currencies
PYMNTS
NOVEMBER 15, 2020
Later in the summer, the BoE hired IT firm Accenture to revamp and revitalize its Real-Time Gross Settlements (RTGS) service, which handles daily transactions for financial institutions. at the cutting edge of payments innovation.
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Bank Of England Opens Settlement System To Blockchain
PYMNTS
JUNE 26, 2018
England’s central bank is taking a significant step in support of blockchain technology with a decision to open its real-time gross settlement (RTGS) system to distributed ledger networks.
Revamped UK Payment System Embraces Blockchain
PYMNTS
JULY 24, 2018
The BoE’s Real-Time Gross Settlement (RTGS) system handles transactions worth about 500 billion pounds — almost one-third of Britain’s annual economic output.
EU Parliament Eyes New Rules On Cross-Border Payment Fees
PYMNTS
FEBRUARY 21, 2019
The announcement said that SIA will work closely with Payments Canada and key industry stakeholders on the next version of its Real-Time Gross Settlement (RTGS) application solution. In Canada, Payments Canada said on Wednesday (Feb.
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Real Time Heats Up In B2B, While Blockchain Gains Traction
PYMNTS
NOVEMBER 19, 2020
Financial institutions (FIs) are increasingly automatically routing transactions that would have once been moved via the Bulk Electronic Clearing System (BECS) Direct Entry to NPP, while businesses are replacing real-time gross settlement (RTGS) transactions with NPP as well, the report noted.
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