Real Time Gross Settlement

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Real Time Gross Settlement

An online system allowing the instantaneous transfer of funds and securities between banks. Real time gross settlement exists to settle large transactions between banks so that they can continue to extend credit to each other and to customers. Examples include the fed wire in the United States and CHAPS in the United Kingdom.
References in periodicals archive ?
Daily turnover in the RTGS and clearing system averaged RSD 198.
While in September 2016, the bank indicated that the technology could 'potentially provide an RTGS system with strong defence against physical events and cyber-attacks,' a review concluded that 'further work is required to address privacy and system scalability in particular, and these and other topics suggested by this initial work will drive the Bank's future research programme on this technology.
Key findings of the independent review include the root cause of the incident; all submitted payments being settled with the day's operating hours; the outage cause inconvienience to RTGS participants; and lessons leared.
We are working to address this issue as quickly as possible, and restart the RTGS payment system in a controlled manner.
Most industrialized nations have adopted the RTGS system since the United States did so in 1982.
The Sterling Multi-Enterprise Finance Gateway offers comprehensive connectivity, translation, routing and integration options for banks and corporates, and will be used as the integration platform for the Perago:RTGS application to provide for the integration of the range of back office systems used by individual participants with the central RTGS system.
RTGS also houses a dedicated social media team that acts as a dynamic medium for public engagement, actively engaging with the public regarding the work done by the government on a real time basis.
According to the bank it is working to address this issue as quickly as it can and it is expecting to restart the RTGS payment system in a controlled manner.
The RTGS will enable money transfers in foreign currencies.
The RTGS is designed to forestall a chain reaction of defaults on liabilities by banks -- even when a bank defaults on a debt to another bank -- whose solvency may be seriously undermined by the default.
Global Banking News-October 21, 2013--Indian central bank launches RTGS system(C)2013 ENPublishing - http://www.
9 million payments in the course of 22 business days in November were processed in the NBS RTGS (13.