RTGS.global completes first instant cross-border settlement
A milestone for the company looking to revolutionise inter-bank payments
Cross-border payments platform RTGS.global has completed the first instant cross-border settlement on its platform, nearly five years after the company was founded.
RTGS.global is working to completely overhaul the legacy systems of correspondent banking, many of which still rely on manual processing, instead allowing commercial and central banks to settle transactions in real-time.
This week two of its partners, Credo Bank in Georgia and MDO Humo in Tajikistan, settled the obligations of two FX trades and used the funds to make two onward payments in a matter of seconds.
“This is a significant moment for RTGS.global in demonstrating how instant atomic settlement can directly solve the historic and emerging challenges associated with cross-border payments and liquidity management,” Marcus Treacher, executive chair of RTGS.global said.
According to RTGS.global the opportunity for banks to transact instantly will help to streamline cross-border settlement and realise the liquidity benefits of not having funds tied up in traditionally slow processes.
“Successfully facilitating frictionless cross-border payments and settlements between two progressive institutions in rapidly growing markets serves as a powerful proof point for how instantaneous settlement has the potential to revolutionise the way money moves around the world, while driving financial inclusion,” Treacher said.
RTGS.global has been operating several pilots with banks including Universal Capital Bank in Montenegro, and Alif Bank and Bank Arvand in Tajikistan.
The company was co-founded by Nick Ogden in 2019 and earlier this year saw Jarrad Hubble appointed as permanent CEO and Treacher join the business as executive chair.