The long road to 24-hour RTGSs

Extended hours would help international payments but some central banks challenge the business case

long road - driving - Getty - web.jpg

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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