CHANGE IS NEEDED. CHANGE IS HERE.
The world of global payments
is experiencing a significant shift.
Global commerce and changing regulation demand solutions which provide instantaneous and real-time transactions, 24 hours a day, 365 days a year in a way that reduces costs and mitigates settlement risk.
There are a number of public sector objectives stated clearly in the G20 Roadmap to Enhance Cross-Border Payments, the CPMI Report and the FX Global Code, among others, all of which call for an interbank network that shortens the cross-border chain and reduces settlement risk as much as practicable, settling FX transactions through PvP settlement where possible.
The ISO 20022 standard is shifting how banks communicate cross-border payment instructions. To continue processing payments, all banks must be prepared to handle this new standard, and in the case of cross-border payments, all banks must be equipped to receive, process and pass the full ISO 20022 payment data from one counterparty to the next.
However local flavours of implementation of this standard, each with their own nuances, have already emerged. This leaves room for a private sector initiative to bridge these differences. This is the approach we have taken at RTGS.global, building a common platform to achieve fully transparent liquidity flows, optimising liquidity velocity whilst vastly reducing the complexity of the end-to-end reconciliation of cross-border payments.
RTGS.global has been built to deliver an interbank settlement service for financial institutions that enables instant cross-border movement of funds, removing the need for multiple intermediaries with Payment-vs-Payment settlement - cutting transaction time and fees.
