RTGS Global launches Stage One of its network in partnership with Microsoft

By Oliver Smith on Thursday 3 September 2020

Digital Banking

Founder Nick Ogden says the project is the “culmination” of his decades of experience.

RTGS Global launches Stage One of its network in partnership with Microsoft
Image source: Nick Ogden (left)/Bill Borden (right).

After several senior appointments in recent weeks, RTGS Global this morning launched Stage One of its real-time gross settlement platform which it says could revolutionise cross-border bank payments.

Founded by ClearBank and WorldPay co-founder Nick Ogden, the project is working to completely overhaul the legacy systems of correspondent banking, many of which still rely on manual processing.

RTGS Global instead allows commercial and central banks to settle transactions instantly, authenticating the exchange of funds and creating real-time liquidity between participants.

The completion of stage one means that the RTGS Global network is now operational and available to 43,300 banks globally.

“Throughout many decades spent working on new technologies to revolutionise the global payments industry, I’ve worked closely with regulators, central banks and commercial institutions,” said Ogden. 

“RTGS.global is the culmination of that experience delivering a new network to 43,300 banks around the planet that all now have a unique RTGS.global capability.”

Stage two this autumn will see RTGS Global integrate its technology as an automatic add-in to Microsoft Azure, as part of a partnership with Microsoft, and further lowering the barrier to adoption for many banks.

“Using Azure’s AI and data analytics capabilities, RTGS Global’s new system provides a powerful way for banks to transform their international payments process, delivering enhanced value to their customers while reducing costs, improving efficiencies, and staying secure and compliant,” said Bill Borden, corporate vice president of worldwide financial services at Microsoft.

“We’re pleased to make RTGS.global available in Microsoft Azure Marketplace and extend its benefits to our banking customers.”

In recent weeks RTGS Global has made several senior board appointments including the ex-CEO of CHAPS, a partner at VC Gauss Ventures, and the former Citi CEO of Europe, Middle East and Africa.

Speaking on AltFi’s Fintech in the Age of Uncertainty webinar last month Ogden said:

“I don't think conversations are ever easy when you're trying to get somebody to say yes, but I think that there is now a realisation that customer service is pretty absent in relation to financial services.”

“That means, you know, we don't have a situation where a high value settlement system doesn't work at the weekend for example.”

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