RTGSglobal Expands Instant Settlement Project

Settlement services provider RTGSglobal has announced the successful completion of a second instant cross-border settlement transaction through its network, involving five banks in Georgia, Tajikistan and Uzbekistan.

The firm says the pilot saw Credo Bank in Georgia, Anorbank in Uzbekistan, and MDO Humo, Alif Bank and Bank Arvand in Tajikistan, conduct multiple payment-versus-payment PvP and cross-border payments in real currencies, in a controlled environment.  It follows an earlier bilateral pilot involving Credo Bank and MDO Humo, and included an additional third currency, the Uzbekistani SOM.

“In another significant moment for the cross-border payments industry, we are proud to have yet again demonstrated how RTGSglobal’s instant atomic settlement can directly solve the historic challenges associated with cross-border payments and liquidity management”, says Jarrad Hubble, CEO at RTGSglobal. “Successfully facilitating frictionless cross-border payments and settlements between five progressive commercial banks in the central Asian region that is experiencing significant economic growth proves that the future of cross-border payments is here, and RTGSglobal is at the heart of it.”

Eraj Alisherov, head of international banking relationships at Alif Bank in Tajikistan, adds, “We have been truly impressed by the speed at which transactions are settled through the RTGSglobal network, and it gives us immense confidence in the platform. As a forward-thinking commercial bank we have a particular set of requirements, and RTGSglobal’s functionality aligned with these seamlessly.”

Meanwhile, Nozigul Ismatova, leading specialist at Anorbank, says, “This pilot transaction has demonstrated how new currency corridors can be seamlessly opened up to the rest of the world.  We are looking forward to continuing our work with RTGSglobal and seeing what more can be achieved in their mission to connect banks in a global settlement network.”