RTGS operating hours must expand, BoE’s Cunliffe says

Jon Cunliffe
Bank of England deputy governor Jon Cunliffe
Bank of England

Central banks should extend their real-time gross settlement (RTGS) systems’ opening hours to speed up international payments, Bank of England deputy governor Jon Cunliffe said.

The operating hours of RTGS systems from major economies overlap just five hours in a day, he told an audience in Indonesia on July 14. That means “cross-border payments have to wait in one jurisdiction until the system opens”, said Cunliffe, chairman of the Financial Stability Board’s Committee on Payments and Market

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