Real-time gross settlement

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Real-time gross settlement (RTGS) systems are specialist funds transfer systems where the transfer of money or securities [1] takes place from one bank to any other bank on a "real-time" and on a "gross" basis to avoid settlement risk. Settlement in "real time" means a payment transaction is not subjected to any waiting period, with transactions being settled as soon as they are processed. "Gross settlement" means the transaction is settled on a one-to-one basis, without bundling or netting with any other transaction. "Settlement" means that once processed, payments are final and irrevocable.

Contents

History

As of 1985, three central banks implemented RTGS systems, while by the end of 2005, RTGS systems had been implemented by 90 central banks. [2]

The first system that had the attributes of an RTGS system was the US Fedwire system which was launched in 1970. This was based on a previous method of transferring funds electronically between US federal reserve banks via telegraph. The United Kingdom and France both independently developed RTGS type systems in 1984. The UK system was developed by the Bankers' Clearing House in February 1984 and was called CHAPS. The French system was called SAGITTAIRE. A number of other developed countries launched systems over the next few years. These systems were diverse in operation and technology, being country-specific as they were usually based upon previous processes and procedures used in each country.

In the 1990s international finance organizations emphasized the importance of large-value funds transfer systems which banks use to settle interbank transfers for their own account as well as for their customers as a key part of a country's financial market infrastructure. By 1997 a number of countries, inside as well as outside the Group of Ten, had introduced real-time gross settlement systems for large-value funds transfers. Nearly all G-10 countries had plans to have RTGS systems in operation in the course of 1997 and many other countries were also considering introducing such systems. [3]

Operation

RTGS systems are usually operated by a country's central bank as it is seen as critical infrastructure for a country's economy. Economists believe that an efficient national payment system reduces the cost of exchanging goods and services, and is indispensable to the functioning of the interbank, money, and capital markets. A weak payment system may severely drag on the stability and developmental capacity of a national economy; its failures can result in inefficient use of financial resources, inequitable risk-sharing among agents, actual losses for participants, and loss of confidence in the financial system and in the very use of money. [4]

RTGS system does not require any physical exchange of money; the central bank makes adjustments in the electronic accounts of Bank A and Bank B, reducing the balance in Bank A’s account by the amount in question and increasing the balance of Bank B’s account by the same amount. The RTGS system is suited for low-volume, high-value transactions. It lowers settlement risk, besides giving an accurate picture of an institution’s account at any point in time. The objective of RTGS systems by central banks throughout the world is to minimize risk in high-value electronic payment settlement systems. In an RTGS system, transactions are settled across accounts held at a central bank on a continuous gross basis. The settlement is immediate, final, and irrevocable. Credit risks due to settlement lags are eliminated. The best RTGS national payment systems cover up to 95% of high-value transactions within the national monetary market.

RTGS systems are an alternative to systems of settling transactions at the end of the day, also known as the net settlement system, such as the BACS system in the United Kingdom. In a net settlement system, all the inter-institution transactions during the day are accumulated, and at the end of the day, the central bank adjusts the accounts of the institutions by the net amounts of these transactions. [5]

The World Bank has been paying increasing attention to payment system development as a key component of the financial infrastructure of a country and has provided various forms of assistance to over 100 countries. Most of the RTGS systems in place are secure and have been designed around international standards and best practices. [6]

There are several reasons for central banks to adopt RTGS. First, a decision to adopt is influenced by competitive pressure from the global financial markets. Second, it is more beneficial to adopt an RTGS system for the central bank when this allows access to a broad system of other countries' RTGS systems. Third, it is very likely that the knowledge acquired through experiences with RTGS systems spills over to other central banks and helps them make their adoption decision. Fourth, central banks do not necessarily have to install and develop RTGS themselves. The possibility of sharing development with providers that have built RTGS systems in more than one country (CGI of UK holding the IP, CMA Small System of Sweden, JV Perago of South Africa, SIA S.p.A. of Italy and Montran of USA) has presumably lowered the cost and hence made it feasible for many countries to adopt. [7]

Existing systems

World map with main systems used for large-value payments Large value payment systems.jpg
World map with main systems used for large-value payments

Below is a listing of countries and their RTGS systems:

CountrySystem
Flag of the African Union.svg  African Union PAPSS (Pan-African Payment and Settlement System) [8]
Flag of Angola.svg  Angola SPTR (Portuguese : Sistema de pagamentos em tempo real; Real-time Payment System)
Flag of Argentina.svg  Argentina MEP (Spanish : Medio electrónico de pagos; Electronic Means of Payment) [9]
Flag of Azerbaijan.svg  Azerbaijan AZIPS (Azerbaijan Interbank Payment System) [10]
Flag of Australia (converted).svg  Australia RITS (Reserve Bank Information and Transfer System)
Flag of Bahrain.svg  Bahrain RTGS (Real Time Gross Settlement System) [11]
Flag of Bangladesh.svg  Bangladesh RTGS (Bangladesh Bank Payment Service Division)
Flag of Barbados.svg  Barbados CBRTGS (Central Bank Real Time Gross Settlement System) [12]
Flag of Bosnia and Herzegovina.svg  Bosnia and Herzegovina RTGS
Flag of Belarus.svg  Belarus BISS (Belarus Interbank Settlement System) [13]
Flag of Bulgaria.svg  Bulgaria RINGS (Real-time Interbank Gross Settlement)
Flag of Brazil.svg  Brazil STR (Portuguese : Sistema de Transferência de Reservas; Reserves Transfer System)
Flag of Canada (Pantone).svg  Canada Lynx [14]
Flag of the People's Republic of China.svg  China CIPS (Cross-Border Interbank Payment System) [15]
Flag of Chile.svg  Chile LBTR/CAS (Spanish : Liquidación Bruta en Tiempo Real; Real-time Gross Settlement)
Flag of Costa Rica.svg  Costa Rica TEF (Spanish : Transferencia Electrónica de Fondos; Electronic Funds Transfer) [16]
Flag of the Czech Republic.svg  Czech Republic CERTIS (Czech Express Real Time Interbank Gross Settlement System)
Flag of Denmark.svg  Denmark KRONOS2
Flag of the Dominican Republic.svg  Dominican Republic LBTR (Spanish : Liquidación Bruta en Tiempo Real; Gross Settlement in Real Time) [17]
Flag of Egypt.svg  Egypt RTGS [18]
Flag of Europe.svg Eurozone T2 [19]
Flag of Fiji.svg  Fiji FIJICLEAR [20]
Flag of Hong Kong.svg  Hong Kong CHATS (Clearing House Automated Transfer System)
Flag of Hungary.svg  Hungary VIBER (Hungarian : Valós Idejű Bruttó Elszámolási Rendszer; Real-time Gross Settlement System)
Flag of Georgia.svg  Georgia GPSS (Georgian Payment and Securities System) [21]
Flag of India.svg  India RTGS [22]
Flag of Indonesia.svg  Indonesia BI-RTGS (Bank Indonesia Real Time Gross Settlement Sistem)
Flag of Iran.svg  Iran SATNA (سامانه تسویه ناخالص آنی, Real-Time Gross Settlement System)
Flag of Iraq.svg  Iraq RTGS (Real Time Gross Settlement System) [23]
Flag of Israel.svg  Israel Zahav (Hebrew : זה"ב זיכויים והעברות בזמן אמת; Zahav Real-time Credits and Transfers) [24]
Flag of Japan.svg  Japan BOJ-NET (Bank of Japan Financial Network System) [25]
Flag of Jordan.svg  Jordan RTGS-J [26]
Flag of Kenya.svg  Kenya KEPSS (Kenya Electronic Payment and Settlement System) [27]
Flag of Korea (1899).svg  Korea BOK-WIRE+ (The Bank of Korea Financial Wire Network, 한은금융망)
Flag of Kuwait.svg  Kuwait KASSIP (Kuwait's Automated Settlement System for Inter-Participant Payments)
Flag of Lebanon.svg  Lebanon BDL-RTGS (Banque Du Liban – Real Time Gross Settlement) [28]
Flag of Macau.svg  Macao RTGS [29]
Flag of Malawi.svg  Malawi MITASS (Malawi Interbank Settlement System)
Flag of Malaysia.svg  Malaysia RENTAS (Real Time Electronic Transfer of Funds and Securities)
Flag of Mauritius.svg  Mauritius MACSS (Mauritius Automated Clearing and Settlement System) [30]
Flag of Mexico.svg  Mexico SPEI (Spanish : Sistema de Pagos Electrónicos Interbancarios; Interbank Electronic Payment System) [31]
Flag of Morocco.svg  Morocco SRBM (Système de règlement brut du Maroc; Moroccan Gross Settlement System) [32]
Flag of Namibia.svg  Namibia NISS (Namibia Interbank Settlement System) [33]
Flag of New Zealand.svg  New Zealand ESAS (Exchange Settlement Account System)
Flag of Nigeria.svg  Nigeria CIFTS (CBN Inter-Bank Funds Transfer System)
Flag of North Macedonia.svg  North Macedonia MIPS (Macedonian Interbank Payment System) [34]
Flag of Pakistan.svg  Pakistan RTGS (Real Time Gross Settlement System) [35]
Flag of Paraguay.svg  Paraguay LBTR (Spanish : Liquidación Bruta en Tiempo Real; Gross Settlement in Real Time)
Flag of Peru.svg  Peru LBTR (Spanish : Liquidación Bruta en Tiempo Real; Gross Settlement in Real Time)
Flag of the Philippines.svg  Philippines PhilPaSS [36]
Flag of Poland.svg  Poland SORBNET [37] and SORBNET2 [38]
Flag of Qatar.svg  Qatar QPS (Qatar Payment System) [39]
Flag of Russia.svg  Russia BESP System (Banking Electronic Speed Payment System) [40]
Flag of Romania.svg  Romania ReGIS [41]
Flag of Saudi Arabia.svg  Saudi Arabia SARIE (Saudi Arabian Riyal Interbank Express) [42]
Flag of Singapore.svg  Singapore MEPS+ (MAS Electronic Payment System Plus) [43]
Flag of South Africa.svg  South Africa SAMOS (The South African Multiple Option Settlement) [44]
Flag of Sri Lanka.svg  Sri Lanka LankaSettle (RTGS/SSSS) [45]
Flag of Sweden.svg  Sweden RIX (Swedish : Riksbankens system för överföring av kontoförda pengar) [46]
Flag of Switzerland (Pantone).svg   Switzerland SIC (Swiss Interbank Clearing) [47]
Flag of the Republic of China.svg  Taiwan CIFS (CBC Interbank Funds Transfer System) [48]
Flag of Tunisia.svg  Tunisia Système de Virements de Gros Montant Tunisien (SGMT) [49]
Flag of Tanzania.svg  Tanzania TIS (Tanzania Interbank Settlement) [50]
Flag of Thailand.svg  Thailand BAHTNET (Bank of Thailand Automated High Value Transfer Network) [51]
Flag of Turkey.svg  Turkey EFT (Electronic Fund Transfer) [52]
Flag of Ukraine.svg  Ukraine SEP (System of Electronic Payments of the National Bank of Ukraine) [53]
Flag of the United Kingdom.svg  United Kingdom CHAPS (Clearing House Automated Payment System) [54]
Flag of the United States.svg  United States Fedwire
Flag of Uganda.svg  Uganda UNIS (Uganda National Interbank Settlement) [55]
Flag of Vietnam.svg  Vietnam IBPS [56]
Flag of Zambia.svg  Zambia ZIPSS (Zambian Interbank Payment and Settlement System) [57]
Flag of Zimbabwe.svg  Zimbabwe ZETSS (Zimbabwe Electronic Transfer and Settlement System) [58]
Flag of the United Arab Emirates.svg  UAE UAEFTS (UAE Funds Transfer System) [59]

    In 2010, the World Bank published a report on payment systems worldwide, which investigated these countries' usage of real-time gross settlement systems for large-value payments. [60]

    See also

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    References

    1. ↑ Committee on Payment and Settlement Systems of the central banks of the Group of Ten countries (March 1997). "Real-Time Gross Settlement Systems" (PDF). Bank for International Settlements: 14. Archived (PDF) from the original on 2010-10-20.{{cite journal}}: Cite journal requires |journal= (help)
    2. ↑ Morten Bech, Bart Hobijn, "Technology Diffusion within Central Banking: The Case of Real-Time Gross Settlement", Staff Report NJ. 260, Federal Reserve Bank of New York, Working Paper, September 2007, p. 2
    3. ↑ Committee on Payment and Settlement Systems of the central banks of the Group of Ten countries (March 5, 1997). "Real-time gross settlement systems" (PDF). BIS.
    4. ↑ Biago Bossone and Massimo Casino, "The Oversight of the Payment Systems: A Framework for the Development and Governance of Payment Systems in Emerging Economies"The World Bank, July 2001, p.7
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