RTGS is Real Time Gross Settlement

Real Time Gross Settlement systems are funds transfer systems where transfer of money or securities takes place from one bank to another on a “real time” and on “gross” basis. Settlement in “real time” means payment transaction is not subjected to any waiting period. The transactions are settled as soon as they are processed. “Gross settlement” means the transaction is settled on one to one basis without bunching or netting with any other transaction. Once processed, payments are final and irrevocable.***

RTGS systems are globally important

These systems give the world economies the ability to settle, transact, guaruntee funds, and trade in real time.

Existing RTGS systems

USA - Fedwire, Dwolla FiSync / Albania - AECH / Australia - RITS (Reserve BankInformation and Transfer System) /Bosnia and Herzegovina - RTGS / Bulgaria - RINGS (Real-time INterbank Gross-settlement System) / Brazil - STR (Sistema de Transferência de Reservas) / Canada - LVTS (Large Value Transfer System) (This is actually an RTGS Equivalent system. Final settlement happens in the evening.) / China - China National Advanced Payment System (“CNAPS”) (also called “Super Online Banking System)[2] / Chile - LBTR/CAS (Spanish: Liquidación Bruta en Tiempo Real) / Croatia - HSVP (Croatian: Hrvatski sustav velikih plaćanja)[3] / Czech Republic - CERTIS (Czech Express Real Time Interbank Gross Settlement System) / Egypt - RTGS / Hong Kong - Clearing House Automated Transfer System (CHATS) / Hungary - VIBER (Hungarian: Valós Idejű Bruttó Elszámolási Rendszer) / India - RTGS[4], NEFT / Indonesia - Sistem Bank Indonesia Real Time Gross Settlement (BI-RTGS) / Iran - SATNA (سامانه تسویه ناخالص آنی, Real-Time Gross Settlement System) / Israel - Zahav (Credit and Transfers in Real Time)[5] / Japan - BOJ-NET (Bank of Japan Financial Network System)[6] / Kenya - Kenya Electronic Payment and Settlement System (KEPSS) / Kuwait - KASSIP (Kuwait’s Automated Settlement System for Inter-Participant Payments) / Macedonia - MIPS (Macedonian Interbank Payment System)[7] / Malawi - MITASS (Malawi Interbank Settlement System) / Malaysia - RENTAS (Real Time Electronic Transfer of Funds and Securities) / Mexico - SPEI (Spanish: Sistema de Pagos Electrónicos Interbancarios)[8] / New Zealand - ESAS (Exchange Settlement Account System) /Nigeria - CIFTS (CBN Inter-Bank Funds Transfer System) / Pakistan - State Bank of Pakistan / Peru - LBTR (Spanish: Liquidación Bruta en Tiempo Real) / Philippines - PhilPaSS [3] / Poland - SORBNET [4] and ELIXIR / Russia - BESP system (Banking Electronic Speed Payment System)[5] / Romania - ReGIS system [6] / Saudi Arabia - (Saudi Arabian Riyal Interbank Express) SARIE [7] / Singapore - MEPS+ (MAS Electronic Payment System Plus) / South Africa - SAMOS (The South African Multiple Option Settlement) [8] / Switzerland - SIC (Swiss Interbank Clearing) [9] / Taiwan - CIFS (CBC Interbank Funds Transfer System) [10] / Thailand - BAHTNET (Bank of Thailand Automated High value Transfer Network) / Turkey - EFT (Electronic Fund Transfer) / United Kingdom - CHAPS (Clearing House Automated Payment System)