The long road to 24-hour RTGSs
Extended hours would help international payments but some central banks challenge the business case
The hours that a real-time gross settlement system (RTGS) operates represent the primary window for high-value payments finality in a specific country’s currency. Practical and logistical difficulties make 24-hour RTGS operation uncommon. But a shift towards 24-hour settlement, through the introduction of extended hours, would make international payments easier and more efficient.
Bank of England deputy governor Jon Cunliffe highlighted the importance of extending RTGS hours to improve
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More on Payments
Payments Benchmarks 2023 – executive summary
Payments are undergoing rapid technological change, creating opportunities – and challenges
Payments Benchmarks 2023 report – moving money in shifting conditions
Data reveals differences in CBDC paths, RTGS systems, instant payment plans and budgets
RTGS systems are used free of charge in one-tenth of jurisdictions
RTGS systems are used free of charge in one-tenth of jurisdictions
Median RTGS system processes nearly $100bn annually
Median value of payments rose by $15bn from the previous benchmark
Primary RTGS systems have average $1.65m in operating costs
Majority of central banks increased payments system divisions budgets in the past year
Payments oversight is under-resourced for a third of central banks
Respondents identify shortage of human capital, capacity building and dated technology as concerns
Few non-banks have access to RTGS systems
Maximum number of institutions reported to have access to one RTGS system was 233
Most central banks have payment and settlement supervision mandates
Payment system laws contain oversight powers in two-thirds of jurisdictions
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