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China’s Cross-border Interbank Payment System (CIPS) is rapidly emerging as a central artery in the internationalization of the Renminbi (RMB), offering a robust infrastructure for cross-bordersettlements and reshaping how global institutions engage with China’s markets. What Is CIPS and Why Does It Matter?
Payment providers to strategically invest in ISO 20022 implementation, API integration, and service innovation to fully leverage RT2’s capabili The launch of RT2, the renewed RealTimeGrossSettlement (RTGS) service, on 28 April 2025 marks a significant milestone for the UK’s payments infrastructure.
This week, the EU Parliament voted for new rules mandating that banks cut fees on cross-border euro payments for countries within and outside the Eurozone. As reported by parliament, the body voted by 532 in favor and 22 against (with 55 abstentions) to set the new cross-border rules in place by the end of the year.
Later in the summer, the BoE hired IT firm Accenture to revamp and revitalize its Real-TimeGrossSettlements (RTGS) service, which handles daily transactions for financial institutions. at the cutting edge of payments innovation.
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-TimeGrossSettlement (RTGS) system, is operated by CBK to process large-value and time-critical payments.
The project will provide insights on how operators of real-timegrosssettlement (RTGS) systems could enable interoperability with new payments technologies, such as distributed ledger technology (DLT).
In the domestic Real-TimeGrossSettlement (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.
Real-TimeGrossSettlement (RTGS) (2004): A major leap forward, establishing a robust system for large-value, real-time interbank fund transfers, enhancing systemic efficiency and reducing settlement risk. This was a step towards automated recurring payments.
The potential applications and use cases DLT-based digital currencies introduce a new settlement mechanism for faster, lower cost and more efficient transactions. A typical use case is the clearing and settlement of international payments. A typical use case is the clearing and settlement of international payments.
Driven by a range of factors (including changes to intraday reporting requirements, open banking initiatives, longer clearing windows for real-timegrosssettlement (RTGS) and ACH transactions, faster cross-border payments and instant payment capabilities), treasurers are headed toward an ecosystem in which not only payments are done in realtime, (..)
Making cross-border payments work — across currencies and across time zones — is no easy task. The time available to fix SWIFT messages is two days; the time to fix real-timegrosssettlement (RTGS) payments is the daily cutoff; to fix faster payments is two hours; and instant payments a scant two minutes.
In addition to illustrating three models for payments interoperability, the paper provides an explanation of the different forms of settlement: deferred grosssettlement, deferred bilateral net settlement, deferred multilateral net settlement, and real-timegrosssettlement (RTGS).
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-timegrosssettlement (RTGS) system. Banks didn’t have all the blockchain fun this week, however.
England’s central bank is taking a significant step in support of blockchain technology with a decision to open its real-timegrosssettlement (RTGS) system to distributed ledger networks. At present, cross-border payments can cost 10 times more than domestic ones.”.
Last year, only 25 real-time payment systems were operational worldwide — that number is growing rapidly. Demand is also heating up for real-timegrosssettlement (RTGS) systems. The governor of the Federal Reserve is pushing conversations on getting an RTGS system in the U.S.,
The newest PYMNTS.com X-Border Receivables Report , a Flywire collaboration, examines the latest trends shaping global commerce — including how companies are working to make it easier for cross-border merchants to seamlessly exchange goods and receive payments. News from the cross-border space. About The Report.
The BoE’s Real-TimeGrossSettlement (RTGS) system handles transactions worth about 500 billion pounds — almost one-third of Britain’s annual economic output. In addition, the U.K.
After two decades of tweaking and updating its existing Real-TimeGrossSettlement (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.
Thailand’s CBDC journey The BOT’s journey towards a CBDC began in 2018 with Project Inthanon, which focused on creating a decentralised Real-TimeGrossSettlement (RTGS) prototype using wholesale CBDC.
This latest development represents major progress in the bank’s mission to build a global payments platform with interoperability at its core and deliver instant, low-cost, scalable cross-border solutions across Europe.
With this new capability, Banking Circle clients can now benefit from comprehensive support for both real-timegrosssettlement (RTGS) and automated clearing house (ACH) transactions in Swiss Francs (CHF), coupled with access to Liechtenstein-issued VIBAN accounts designed to provide full operational control and compliance alignment.
Related links: Financial promotion rules for cryptoassets Financial promotions data 2024 Top regulatory priorities for the payments sector Mandatory adoption of ISO 20022 for cross-border payments (final preparations Q2) The transition to ISO 20022 for cross-border payments is a fundamental shift in global financial messaging standards.
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