Jump to content

Oh shiaatttt! RTGS Global + Microsoft Launch Cross-border Liquidity, available to 43,300 Banks (No Blockchain or XRP)


Recommended Posts

https://rtgs.global/news/rtgs-global-unveils-its-network-to-transform-international-payments-making-interbank-liquidity-visible-for-the-first-time

London, UK: 3 September 2020: RTGS Global, the world’s first cross-border liquidity network has launched Stage one of its operational rollout.

RTGS Global has collaborated with Microsoft to develop a transformative new system which enables banks to gain complete visibility of liquidity between their counterparties, for the first time. Built on Microsoft Azure, RTGS.global promises to completely overhaul the machinery of correspondent banking. The network safeguards existing commercial banking relationships, but will change the way they work – in many cases moving from what today still involves manual processing – to one that materially improves efficiency, reduces costs and enables a new level of customer service to be delivered.

RTGS Global, the brainchild of Nick Ogden, fintech entrepreneur and founder of WorldPay and ClearBank, brings the benefits and transparency of real-time domestic gross settlement to a global level, delivering instant transactional integrity, security, risk reduction and settlement finality.

RTGS Global enables atomic settlement across both commercial and central banks, authenticating the exchange of funds between banks based on the real-time availability of liquidity. Through its patent pending Liquidity Lock, Lock and Block system, RTGS Global locks available liquidity at two counterparty banks, before sending a Liquidity Block message to complete the transaction. This whole process can take just 50 milliseconds to complete, enabling real-time, bilateral settlement of funds. (No Blockchain or XRP necessary)

The result is RTGS.global, an international system that transforms the challenges of legacy correspondent banking and international banking. Settlement and counterparty credit risk become non-existent; there’s no need to pre-fund a nostro account; and 24/7/365 availability drastically improves the end customer experience dramatically improving commercial cashflows.

Quote

“Throughout many decades spent working on new technologies to revolutionise the global payments industry, I’ve worked closely with regulators, central banks and commercial institutions. RTGS.global is the culmination of that experience delivering a new network to 43,300 banks around the planet that all now have a unique RTGS.global capability.”

Delivery of stage one is the first step in making the RTGS Global network available to 43,300 banks globally. Stage two, the technical integration involving Azure, will commence in autumn this year.

Edited by LetHerRip
Link to post
Share on other sites
  • Replies 281
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

Popular Posts

For someone apparently so good at seeing through BS, I'm surprised you took this bait so quickly. They sure got you hook, line and sinker. I think that's why people suspect your motives - you did

"Available" to 43K banks, not on-boarded banks yet, or even any mention of estimates of those intending to utilize it. A key question is that of the necessary software, what's involved in it's integra

New York-Tokyo distance is 10800Km. The light will take around 72ms to go back and forth and they can do bilateral agreements in only 50ms. They found something faster than light, it's groundbreaking

Posted Images

12 minutes ago, LetHerRip said:

https://rtgs.global/news/rtgs-global-unveils-its-network-to-transform-international-payments-making-interbank-liquidity-visible-for-the-first-time

London, UK: 3 September 2020: RTGS Global, the world’s first cross-border liquidity network has launched Stage one of its operational rollout.

RTGS Global has collaborated with Microsoft to develop a transformative new system which enables banks to gain complete visibility of liquidity between their counterparties, for the first time. Built on Microsoft Azure, RTGS.global promises to completely overhaul the machinery of correspondent banking. The network safeguards existing commercial banking relationships, but will change the way they work – in many cases moving from what today still involves manual processing – to one that materially improves efficiency, reduces costs and enables a new level of customer service to be delivered.

RTGS Global, the brainchild of Nick Ogden, fintech entrepreneur and founder of WorldPay and ClearBank, brings the benefits and transparency of real-time domestic gross settlement to a global level, delivering instant transactional integrity, security, risk reduction and settlement finality.

RTGS Global enables atomic settlement across both commercial and central banks, authenticating the exchange of funds between banks based on the real-time availability of liquidity. Through its patent pending Liquidity Lock, Lock and Block system, RTGS Global locks available liquidity at two counterparty banks, before sending a Liquidity Block message to complete the transaction. This whole process can take just 50 milliseconds to complete, enabling real-time, bilateral settlement of funds. (No Blockchain or XRP necessary)

The result is RTGS.global, an international system that transforms the challenges of legacy correspondent banking and international banking. Settlement and counterparty credit risk become non-existent; there’s no need to pre-fund a nostro account; and 24/7/365 availability drastically improves the end customer experience dramatically improving commercial cashflows.

Delivery of stage one is the first step in making the RTGS Global network available to 43,300 banks globally. Stage two, the technical integration involving Azure, will commence in autumn this year.

Wonderful news for x-border transactions! Not so wonderful news for Ripple. They're catching up.

Link to post
Share on other sites

Just another competitor in a very large market.  It was never going to be just one solution. The established banks will try to use this - it may work for them, but there are now many smaller institutions who want their say and slice, and the old system wants to keep them in their place ie at the bottom of the pecking order. The genie is out of the bottle and change is coming, but it is not going to happen overnight and it may not be RTGS Global or Ripple.

Link to post
Share on other sites

Thank you for sharing this. I'm still trying to understand this. I have a few questions if anyone could help answer them, I would be grateful.

1) is this a new technology that doesn't require a digital asset for ODL?

2) does this make XRP completely irrelevant now?

3) without a need for a digital asset, would regulatory hurdles will be easier to navigate?

It does seem like this is a blow to Ripple. I was rooting for them. I have "lost money" on paper, but it was a risk I was willing to take. This market is very speculative and definitely high risk. 

Link to post
Share on other sites
24 minutes ago, LetHerRip said:

Ripple's 300 partners, (most of which aren't even banks) vs 44300 banks who don't want to have to buy magic token's created out of thin air and which are owned over 70% by is creators/company. Hmmm I wonder who will win this one? :blink:

Your constant FUD is pathetic. Don't you remember David Schwartz saying Ripple weren't targeting banks? They're targeting remittance companies. 

Link to post
Share on other sites
26 minutes ago, LetHerRip said:

Ripple's 300 partners, (most of which aren't even banks) vs 44300 banks who don't want to have to buy magic token's created out of thin air and which are owned over 70% by is creators/company. Hmmm I wonder who will win this one? :blink:

That is pure a clever marketing talk. Ripple is also offering it's service to 44300 banks. If all 44300 banks sign a contract with RTGS then yes. For now it's just a product they offer that banks can take or not, just like Ripplenet.

But there is no denying that this is competition, and who will win, or how the pie will be split will be seen. For now they are in phase one, developing and testing according to their documents. Linking a banks liquidity and the software being able to deduct payments directly does not sound like a click&play integration on banks variable legacy systems.

Link to post
Share on other sites

What is the realistic timeline for adoption of this system provided they don't hit any roadblocks?  What does stage 2 even mean 

57 minutes ago, LetHerRip said:

 

Delivery of stage one is the first step in making the RTGS Global network available to 43,300 banks globally. Stage two, the technical integration involving Azure, will commence in autumn this year.

This is great news for x border payments.  I'm curious though, even if they don't hit any major roadblocks what is a realistic timeline for utility on adoption?  Their patents are still pending and "stage 2" doesn't indicate anything being production ready?  It may or may not commence an integration with Azure this Fall.  That integration could take 4 years for all we know.  Libra was an XRP killer when it was announced and yet we still have no idea when, and if, it will actually be rolled out.  

Link to post
Share on other sites
  • LetHerRip changed the title to Oh shiaatttt! RTGS Global + Microsoft Launch Cross-border Liquidity, available to 43,300 Banks (No Blockchain or XRP)

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.