Cross-border payment specialists RTGS.global has successfully completed its first instant settlement through its global network.
The “first-of-its-kind” cross-border transaction saw Georgia’s Credo Bank and MDO Humo of Tajikistan settle the obligations resulting from two FX trades, and payment vs. payment, make two onward payments via the digital settlement service in a “matter of seconds”.
By connecting via the RTGS.global network, member banks can access significant liquidity benefits and streamline the traditionally friction-led cross-border settlement processes.
“This is a significant moment for RTGS.global in demonstrating how instant atomic settlement can directly solve the historic and emerging challenges associated with cross-border payments and liquidity management”, said Marcus Treacher, Executive Chair at RTGS.global.
“Successfully facilitating frictionless cross-border payments and settlements between two progressive institutions in rapidly growing markets serves as a powerful proof point for how instantaneous settlement has the potential to revolutionise the way money moves around the world, while driving financial inclusion.”
As part of the transaction, the RTGS.global settlement network facilitated a payment from Credo Bank to MDO Humo in TJS, and from MDO Humo to Credo Bank in GEL.
Using direct currency conversion between both currencies, RTGS.global believes this further strengthens the market infrastructure’s ambition to connect banks in a global settlement network through interoperability across borders and currencies.
Ketevan Khomeriki, Product Development Manager at Credo Bank, added: “The speed at which transactions are settled through the RTGS.global network is truly impressive and reinforces our confidence in the platform.
“Its functionality aligns seamlessly with the requirements of commercial banks, providing user-friendly management options, real-time notifications for transaction progress, and the flexibility to review and edit transactions before approval.”
This milestone follows RTGS.global announcing a number of pilot agreements with early adopters in developing markets, with Alif Bank and Bank Arvand in Tajikistan, and Universal Capital Bank in Montenegro, joining MDO Humo and Credo Bank in running pilots.
