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RTGS systems are usually operated by a country's central bank as it is seen as critical infrastructure for a country's economy. Economists believe that an efficient national payment system reduces the cost of exchanging goods and services, and is indispensable to the functioning of the interbank, money, and capital markets.
T2 is a financial market infrastructure that provides real-time gross settlement (RTGS) of payments, mostly in euros. It is operated by the European Central Bank and is the critical payments infrastructure of the euro area. With turnover in the trillions of euros every day, it is one of the largest payment systems in the world. [1]
In 1993, as the Maastricht Treaty entered into force, central banks of the EU agreed that all of them should have an real-time gross settlement (RTGS) system, as some had already done in the previous decade. In 1995, they decided to interlink these national infrastructures through a pan-European system that they called TARGET.
Ripple (XRP) is a real-time gross settlement (RTGS) system, which is a specialist money transfer network, currency exchange and remittance network. It was created by Ripple Labs Inc., which is a U ...
Besides, RTGS facilitates real-time ("push") transfer, while NEFT involves regular settlements and is operating 24/7/365 since December 2019. Customers can access the RTGS facility between 09:00 to 16:30 on weekdays and 09:00 to 13:30 on Saturday. RTGS is available 24/7/365 from 00:30 on 14 December 2020.
The Clearing House Automated Transfer System, or CHATS, is a real-time gross settlement (RTGS) system for the transfer of funds in Hong Kong.It is operated by Hong Kong Interbank Clearing Limited (HKICL), a limited-liability private company jointly owned by the Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks.
This type of system is thought to become less relevant as banks will settle their transactions via multiple clearing houses [7] rather than using one central clearing house. TARGET2 (Trans-European Automated Real-time Gross Settlement Express Transfer System) is a RTGS system that covers the European Union member states which use the euro.
The Fedwire is real-time gross settlement (RTGS) system that operates from 8:30 a.m. Eastern Time (ET) to 6:30 p.m. and allows its subscribing 11,000 institutions to transfer funds. [17] [18] The Fedwire service is operated by the Federal Reserve Information Technology (FRIT) facility at EROC. [17]