Majority of retail payment systems lack real-time processing and settlement
Over half of RPSs in emerging market economies were owned by central banks
Retail payment systems are yet to embrace real-time processing, according to new data from Central Banking’s Payments Benchmarks 2021.
Since the turn of the millennium, faster systems for both wholesale and retail payments have been developed at pace in both emerging and advanced economy markets.
However, real-time processing and gross settlement is used more for large value payment systems and faster payment systems, according to new data.
Within the benchmark, central banks were asked to
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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