A future-proof RTGS blueprint

Operating hours, access and data standards should all be considered by central banks contemplating an RTGS overhaul

On October 20, 2014, the Bank of England’s real-time gross settlement (RTGS) system collapsed for nine hours. The malfunction began at 06:02am – two minutes after the system had opened for the day.

A year later, and an independent report revealed the breakdown of the system was because of “undetected” design defects that failed, but not as “cleanly” as they should have done. The system eventually handled 142,759 transactions worth £290 billion that day after its usual closing time was extended

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FedNow – at last

The instant payment system might help fix the US’s rusty payment rails, but it also faces competition, says Dave Birch

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