Half of central banks surveyed experienced RTGS outages last year
Most reported operating one contingency site
Outages to critical real-time gross settlement (RTGS) systems can trigger financial crises and pose a threat to financial stability.
Just over half of central banks (16 out of 31 that answered this benchmark) said they experienced an RTGS outage in the last 12 months. The median outage time was five hours, but ranged between five minutes and 11 hours.
Four national central banks that are members of the ECB all reported 10-hour outages – the Target2 system experienced a major incident in
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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
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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