According to the World Bank's December 2016 GPSS report, the total volume of real time gross settlement
(RTGS) transactions is over $2,500 trillion.
Moreover, the network will facilitate the communication between Bahrain and the GCC real time gross settlement
system, which will soon enter its implementation phase.
This secure network will act as the primary communication hub to perform Real Time Gross Settlement
(RTGS), while retaining the existing SWIFT network as a contingency backup.
The UAEFTS is the Real Time Gross Settlement
(RTGS) system of the United Arab Emirates.
Payments above Sh1 million must be made by Real Time Gross Settlement
(RTGs) while those below Sh1 million may be made by cash, banker's cheque to reach CBK not later than March 26.
The PPMI will also monitor and require its members to settle clearing results of automated clearing houses through the BSP's real time gross settlement
The EAPS platform, launched in November 2013, is underpinned by the high value payment systems at each country's Central Bank (called real time gross settlement
systems) which operate on the SWIFT mes- saging network for safe and secure delivery of payment and settlement messages.
The apex bank said that commercial banks can no longer take Short Message Service (SMS) charges on bulk bank transfers completed through the Real Time Gross Settlement
It already developed TARGET 2, the Eurosystems Real Time Gross Settlement
System, used to process large-value payments in euro in real time.
Extending the period of receiving high- value transfers from citizens to be sent through the Real Time Gross Settlement
System (RTGS- Jo) inside the Kingdom until 3:30 p.
Clearly, the price difference is because the deals in the organised sector are made on the basis of real time gross settlement
( RTGS) while unorganised market is still accepting old currency notes," said the Noida- based dealer.
This arrangement will enable value added services to be provided to Citi's customers by NBP by replacing manual instruments with a more efficient electronic transfer mechanism leveraging on the SBP's Real Time Gross Settlement