Real-time gross settlement system
Real-time gross settlement system ( English Real-time gross settlement, RTGS ) is banking a payment system for the settlement of transactions between financial institutions , especially banks . All transactions are processed at the time they arise and processed immediately.
General
RTGS payments are so-called push payments that are initiated (“triggered”) by the payer. RTGS systems are used in most countries for so-called large-value payments, i.e. for transactions of high volume (value). In some countries such as Switzerland, the Czech Republic or Turkey, the respective RTGS systems also process bulk payments (small amount payments) from direct debit and card transactions .
In the securities industry a RTGS system is as a gross -Brutto system defined, in which neither on the securities - still on the bid side netting , a clearing of counter requirements , takes place.
Since clearing and settlement in an RTGS system is immediate, final and irrevocable, the market participants have full security about the book monies received . So are credit risks due to delays in the processing ( English settlement risks ) eliminated. The introduction of RTGS systems worldwide is mainly being pushed by the central banks , which ensure the stability of the financial system . Failure to process payments is a systemic risk that can trigger widespread liquidity or credit problems and thus endanger the stability of the financial system or even the entire economy.
TARGET2 , to which 26 of the 28 central banks of the European Union are connected as part of the European System of Central Banks (ESCB), is the largest RTGS system in Europe. On November 19, 2007, it replaced the Deutsche Bundesbank's RTGSplus procedure in Germany .
Fedwire is the RTGS system of the Federal Reserve Bank (FRB), the central bank of the United States , for processing payments in US dollars .
Existing systems
Here is a list of the countries and their RTGS systems:
- Albania - AECH, RTGS
- Angola - SPTR, (Sistema de pagamentos em tempo real)
- Azerbaijan - AZIPS (Azerbaijan Interbank Payment System)
- Australia - RITS ( Reserve Bank Information and Transfer System)
- Bangladesh - RTGS ( Bangladesh Bank Payment Service Division)
- Barbados - Central Bank Real Time Gross Settlement System (CBRTGS)
- Bosnia and Herzegovina - RTGS
- Belarus - BISS (Belarus Interbank Settlement System)
- Bulgaria - RINGS ( R eal-time IN terbank G ross-settlement S ystem)
- Brazil - STR (Sistema de Transferência de Reservas)
- Canada - LVTS (Large Value Transfer System)
- China - China National Advanced Payment System (CNAPS)
- Chile - LBTR / CAS ( Spanish L iquidación B ruta en T iempo R eal )
- Croatia - HSVP ( Croatian Hrvatski sustav velikih plaćanja )
- Czech Republic - CERTIS (Czech Express Real Time Interbank Gross Settlement System)
- Egypt - Real Time Gross Settlement (RTGS)
- Eurozone - TARGET2
- Fiji - FIJICLEAR Payment System
- Hong Kong - Clearing House Automated Transfer System (CHATS)
- Hungary - VIBER ( Hungarian V alós I dejű B ruttó E lszámolási R endszer )
- Georgia - ( G eorgian P ayment and S ecurities S ystem)
- India - Indian settlement systems # Real-time gross settlement RTGS
- Indonesia - Sistem Bank Indonesia Real Time Gross Settlement (I-RTGS)
- Iran - SATNA (سامانه تسویه ناخالص آنی, Real-Time Gross Settlement System)
- Iraq - RTGS (Real Time Gross Settlement System)
- Japan - BOJ-NET (Bank of Japan Financial Network System)
- Jordan - RTGS-JO
- Kenya - Kenya Electronic Payment and Settlement System (KEPSS)
- South Korea - BOK-WIRE + (The Bank of Korea Financial Wire Network, 한은 금융 망)
- Kuwait - KASSIP (Kuwait's Automated Settlement System for Inter-Participant Payments)
- Lebanon - BDL-RTGS (Real Time Gross Settlement System)
- Macedonia - MIPS (Macedonian Interbank Payment System)
- Malawi - MITASS (Malawi Interbank Settlement System)
- Malaysia - RENTAS (Real Time Electronic Transfer of Funds and Securities)
- Mexico - SPEI ( Spanish S istema de P agos E lectrónicos I nterbancarios )
- Morocco - SRBM (Système de règlement brut du Maroc)
- Namibia - NISS (Namibia Inter-bank Settlement System)
- New Zealand - ESAS (Exchange Settlement Account System)
- Nigeria - CIFTS (CBN Inter-Bank Funds Transfer System)
- Peru - LBTR ( Spanish L iquidación B ruta en T iempo R eal )
- Philippines - PhilPaSS
- Poland - SORBNET and SORBNET2
- Russia - BESP system (Banking Electronic Speed Payment System)
- Romania - ReGIS system
- Saudi Arabia - (Saudi Arabian Riyal Interbank Express) SARIE
- Singapore - MEPS + (MAS Electronic Payment System Plus)
- South Africa - SAMOS (The South African Multiple Option Settlement) [2]
- Spain - SLBE (Spanish: Servicio de Liquidación del Banco de España)
- Sri Lanka - LankaSettle (RTGS / SSSS)
- Sweden - RIX (Riksbankens system för överföring av kontoförda pengar)
- Switzerland - SIC ( SIX Interbank Clearing )
- Taiwan - CIFS ( C BC I nterbank F unds Transfer S ystem)
- Tanzania - TISS (Tanzania interbank settlement system)
- Thailand - BAHTNET ( B ank of Thailand A utomated H igh value T ransfer Net work)
- Turkey - EFT (Electronic Funds Transfer - Electronic Payments - Elektronik Fon Transferi)
- Ukraine - September ( S ystem of E lectronic P ayments of the N ational B ank of U kraine)
- United Kingdom - CHAPS ( C learing H ouse A utomated P ayment S ystem)
- United States - Fedwire
- Uganda - UNIS ( U Ganda N ational I nterbank S ettlement)
- Zambia - ZIPSS-Zambian Inter-bank Payment and Settlement System
- Zimbabwe - ZETSS-Zimbabwe Electronic Transfer and Settlement System
- United Arab Emirates - UAEFTS UAE Funds Transfer System
Individual evidence
- ↑ https://www.nbrb.by/payment/
- ↑ https://www.kantox.com/en/glossary/china-national-advanced-payments-system-cnaps
- ↑ https://www.hnb.hr/temeljne-funkcije/platni-promet/platni-sustavi/hsvp
- ↑ http://www.cbe.org.eg/en/PaymentSystems/Pages/RTGS.aspx
- ↑ http://www.rbf.gov.fj/docs2/FIJICLEAR%20Payment%20system.pdf
- ↑ https://www.nbg.gov.ge/index.php?m=204/GPSS
- ^ [1] Reserve Bank of India website
- ^ Central Bank of Iraq website . Retrieved May 3, 2017.
- ↑ http://www.boj.or.jp/en/paym/bojnet/index.htm/
- ↑ http://www.cbj.gov.jo/pages.php?menu_id=128/ ( page no longer available , search in web archives ) Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice.
- ↑ https://www.centralbank.go.ke/national-payments-system/kepss-rtgs
- ^ Central Bank of Lebanon website . Retrieved May 3, 2017.
- ^ National Bank of Macedonia website . Retrieved May 3, 2017.
- ↑ Banxico's SPEI . Banco de Mexico. Retrieved May 3, 2017.
- ↑ Archived copy ( Memento of the original from March 4, 2016 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ https://www.bon.com.na/Bank/Payments-and-Settlements/Namibia-Inter-bank-Settlement-System-(NISS).aspx
- ↑ http://www.bsp.gov.ph/financial/payment_phil.asp
- ↑ http://www.nbp.pl/home.aspx?f=/systemplatniczy/sorbnet/sorbnet.html
- ↑ http://www.nbp.pl/home.aspx?f=/systemplatniczy/informacja_sorbnet2.html
- ↑ Archive link ( Memento of the original from September 9, 2016 in the Internet Archive ) Info: The archive link has been inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ http://www.bnro.ro/Sistemul-ReGIS-307.aspx
- ↑ http://www.sama.gov.sa/en-US/PaymentSystem/Pages/SARIE.aspx
- ↑ http://www.mas.gov.sg/singapore-financial-centre/payment-and-settlement-systems/clearing-and-settlement-systems/meps.aspx
- ↑ http://www.bde.es/f/webbde/SPA/sispago/ficheros/en/blueboo.pdf
- ↑ Archived copy ( Memento of the original from May 4, 2017 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ Archived copy ( memento of the original from April 20, 2017 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ https://www.six-group.com/interbank-clearing/de/home/payment-services/sic.html
- ↑ http://www.bot.go.tz/PaymentSystem/NPSoverview.asp
- ↑ https://www.bot.or.th/English/PaymentSystems/PSServices/bahtnet/Pages/default.aspx
- ↑ http://dassozluk.com/forum/tuerkisch-deutsche-und-deutsch-tuerkische-glossare/internet-begriffeinternet-terimleri-endetr
- ↑ http://www.bank.gov.ua/control/en/publish/article?art_id=37453&cat_id=37442
- ↑ http://www.chapsco.co.uk
- ↑ https://www.bou.or.ug/bou/payment_systems/Uganda_National_Interbank_Settlement_UNIS.html
- ↑ http://www.boz.zm/zipss.htm
- ↑ http://www.rbz.co.zw/funcitional-units.html
- ↑ http://www.centralbank.ae/en/index.php?option=com_content&view=article&id=133&Itemid=125
