- RTGS.global, which provides payment resilience services, has announced its new product for the international money transfer sector – and for central banks in particular.
- RTGS.global said that it had developed a new system, called RTGS.global ARK, to act as a contingency settlement function for payment services.
- “Essentially, RTGS.global ARK could make the failover between SWIFT or a live data centre completely seamless. This is the true benefit: being able to have a seamless failover,” said Dave Sissens, the chief executive officer of RTGS.global.
RTGS.global, a provider of payment resilience services, has announced that it is offering a new product to benefit the global international money transfer sector.
The new system it has developed, called RTGS.global ARK, will act as a contingency settlement function for payment services.
The payment services that will be able to make the most of the new system are those that are domestic in focus and that are responsible for high-value transactions.
It is expected that the primary beneficiaries will be central banks.
It is also thought that some banks and other financial services institutions will be able to benefit thanks to the prospect of eliminating foreign exchange settlement risk.
Dave Sissens, who is the chief executive officer of RTGS.global, emphasised the role that central banks were likely to play in utilising the new service.
“We are also working with a number of central banks which are considering a domestic resilience solution for regional benefit,” he said.
“That is, if a group of central banks in a region adopts RTGS.global ARK, they can realise the benefits of it as well as the cross-border benefits we bring through our PvP liquidity settlement solution.”
“Therefore, they make one investment into a new connection and obtain a stronger security posture as well as cross-border currency exchange as a result,” he explained.
He also pointed out that new payment infrastructures would not be required when it came to using this payment system.
“There is no need for new infrastructure for payment systems, or for banks themselves to connect to payment systems directly,” he said.
“Essentially, RTGS.global ARK could make the failover between SWIFT or a live data centre completely seamless. This is the true benefit: being able to have a seamless failover.”
Are you looking to discover more about the way that the cross-border payments sector operates? If so, just head over to our reviews pages and get the details you need.
