Central banks split on non-bank access to RTGS systems

Benefits of innovation must be weighed against risks of financial instability

In most jurisdictions, firms that want to use real-time gross settlement (RTGS) systems operated by the central bank have to have an account with the institution. RTGS systems allow the balances from these accounts to be transferred in real time; transactions are secure and irrevocable. 

Central banks were split as to whether or not non-banks are provided access to their RTGS systems, according to the Payments Benchmarks 2021. 

Nineteen out of 35 central banks (54%) that answered this payments

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