Cross-border payments provider RTGS.global has revealed a series of new contracts with banks for the provision of its settlement service.
The announcement involves Tajikistan’s Alif Bank and Bank Arvand, as well as Universal Capital Bank in Montenegro. The three pilots will introduce liquidity benefits and streamline the cross-border settlement process for each bank.
With the Commonwealth of Independent States (CIS) estimating that 39% of the world’s cross-border payment traffic goes through Central Asia, RTGS.global has continuously generated interest for its solution from early adopters in the region, having recently also signed agreements with MDO Humo in Tajikistan and Credo Bank in Georgia.
Jarrad Hubble, RTGS.global’s CEO, commented: “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.
“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.”
In a previous interview with Payment Expert, the company’s Head of APAC, Ed Dovey, went into more detail about the need for a “next-generation financial market infrastructure” that will allow for enhanced settlements between central and commercial banks.