Central banks look set to upgrade RTGS systems in the next 12 months
Nine central banks said they are planning ISO 20022 adoption
Real-time gross settlement (RTGS) systems are generally deemed systemically important for the financial stability of a country’s financial system.
Economic development around the world is occuring at such a rapid pace due to advances in technology. And while digitalisation poses benefits for RTGS development, it also poses threats to these systems’ security.
Timely upgrades can help meet increasing user demands and offer higher protection. Over half of central banks (55%) of the 30 that
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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