RTGS.global Adds Banks
Posted by Colin Lambert. Last updated: November 13, 2023
Settlement and payments business RTGS.global has signed pilot agreements with three new banks to join its service, which enables “instantaneous” movement of funds cross-border between banks.
Alif Bank and Bank Arvand in Tajikistan, as well as Universal Capital Bank in Montenegro, are the latest institutions that will run pilots with RTGS.global. Through its network, the firm says the banks will realise “significant liquidity benefits and streamline traditionally cumbersome cross-border settlement processes”.
The company previously ran pilots with MDO Humo in Tajikistan and Credo Bank in Georgia, part of what it claims is “considerable interest” from early adopters in rapidly-developing markets such as Central Asia. It adds the Commonwealth of Independent States (CIS) sees 39% of the world’s cross-border payment traffic go through the region, “making it a geography ripe for innovative settlement services”.
RTGS.global also claims to have attracted interest from a group of “tier one” banks, saying that “almost 20” have formed a Working Group to collaborate in leveraging its network and expertise to advance cross-border payments and enhance the global banking ecosystem. The firm does not name the banks involved, but says they come from the Americas, EMEA and APAC regions.
“It’s a pleasure to be working closely with another group of progressive banks committed to overcoming the historic and emerging challenges associated with payments and liquidity management”, says RTGS.global’s CEO, Jarrad Hubble. “Currently, it’s quicker to fly money around the world than it is to move it cross-border, which highlights the growing demand for frictionless cross-border payments and settlements as banks in rapidly-developing markets seek to keep pace with the evolving digital economy.
“As a business, we have made significant progress this year. On the back of these new partnerships we are excited to push-on with the next phase of our growth and to continue to fix issues across the global financial system, serving both established and emerging markets.”