RTGS Insights | Sumble

What is RTGS?

RTGS stands for Real-Time Gross Settlement. It is a funds transfer system where money or securities transfer takes place from one bank to another on a 'real-time' and 'gross' basis. 'Real-time' means the transaction is processed as soon as it is received, and 'gross settlement' means the transaction is settled on a one-to-one basis without netting with any other transaction. RTGS systems are typically used for high-value transactions that require immediate clearing.

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What other technologies are related to RTGS?

RTGS Competitor Technologies

NEFT

National Electronic Funds Transfer (NEFT) is a retail payment system in India that facilitates one-to-one fund transfers and is a potential competitor to RTGS, especially for smaller value transactions.

mentioned alongside RTGS in 78% (288) of relevant job posts

IMPS

Immediate Payment Service (IMPS) is a real-time payment system in India and another competitor to RTGS, designed for instant fund transfers, especially for smaller amounts.

mentioned alongside RTGS in 48% (169) of relevant job posts

UPI

Unified Payments Interface (UPI) is a real-time payment system in India that enables instant fund transfers between two bank accounts on a mobile platform, a strong competitor for retail payments.

mentioned alongside RTGS in 14% (137) of relevant job posts

CMU

Central Moneymarkets Unit (CMU) provides clearing, settlement, and custodian services for debt securities, potentially competing in specific aspects of wholesale payments.

mentioned alongside RTGS in 22% (63) of relevant job posts

ACH

Automated Clearing House (ACH) is a network used for electronic fund transfers in the US, acting as a competitor to RTGS for certain types of payments, particularly recurring and batch payments.

mentioned alongside RTGS in 6% (203) of relevant job posts

SEPA

Single Euro Payments Area (SEPA) is a payment-integration initiative of the European Union for simplification of bank transfers, competing with RTGS for Euro payments within its coverage.

mentioned alongside RTGS in 7% (167) of relevant job posts

CHAPS

CHAPS (Clearing House Automated Payment System) is a UK-based payment system that provides same-day sterling payments, offering a competing service to RTGS for high-value transactions.

mentioned alongside RTGS in 11% (83) of relevant job posts

RTP

Real-Time Payments (RTP) systems are designed for immediate interbank settlements and are a direct competitor to RTGS, especially for scenarios requiring immediate finality.

mentioned alongside RTGS in 1% (55) of relevant job posts

RTGS Complementary Technologies

ISO 20022

ISO 20022 is a global standard for financial messaging and provides a common platform for data exchange in payment systems, thus strongly complementing RTGS by enhancing interoperability and data richness.

mentioned alongside RTGS in 7% (144) of relevant job posts

Swift

SWIFT is a global messaging network used by financial institutions to securely transmit information and instructions. While not directly an RTGS, it facilitates cross-border payments often settled through RTGS systems, making it strongly complementary.

mentioned alongside RTGS in 0% (662) of relevant job posts

MT

Message Type (MT) messages are the legacy messaging standard used within the SWIFT network. They complement RTGS by facilitating the communication of payment instructions between financial institutions, often leading to RTGS settlement.

mentioned alongside RTGS in 2% (55) of relevant job posts