Also known as instant or real-time payments, fast payments offer the instant transmission of a payment message and the immediate availability of funds to the beneficiary 24/7/365. In order to build the fast payments landscape, jurisdictions have begun to rethink their real-time gross settlement system (RTGS) access rules. Traditionally used for large-value transactions, RTGS systems typically operate with a standard settlement window and highly structured participation rules. With the decoupling of banking and payment services, new players seek access to settlement capabilities.
In this webinar, Colin Colter (Payments Consultant with the World Bank) and Gynedi Srinivas “Srini” (Senior Financial Sector Specialist with the World Bank) discuss the major tradeoffs, advantages, and future of allowing non-bank providers access to a real-time gross settlement system.