RTGS.global, the next generation settlement company revolutionising cross-border payments, has announced the successful completion of another instant settlement cross-border transaction conducted through its global network – the second in a matter of months.
Involving five banks across three separate jurisdictions, the pilot saw Credo Bank in Georgia, Anorbank in Uzbekistan, and MDO Humo, Alif Bank and Bank Arvand in Tajikistan, conduct multiple Payment vs. Payment and cross-border payments in real currencies, in a controlled environment.
Building on the success of RTGS.global’s previous bilateral pilot in December which involved Credo Bank and MDO Humo, this latest successful multilateral transaction involved five banks and an additional third currency, the Uzbekistani SOM. It serves as further proof that RTGS.global’s unique digital settlement service can settle obligations resulting from FX trades and customer credit transfers in multiple currencies in a matter of seconds.
As part of the transaction, the RTGS.global settlement network facilitated a multilateral payment between five banks using three currency corridors (Georgia: Lari/GE, Tajikistan: Somoni/TJS, Uzbekistan: Som/UZS). This further strengthens the market infrastructure’s ambition to connect banks in a global settlement network through seamless interoperability across borders and currencies. By transacting through the RTGS.global network, participant banks realise significant liquidity benefits and streamline traditionally cumbersome cross-border settlement processes.
“In another significant moment for the cross-border payments industry, we are proud to have yet again demonstrated how RTGS.global’s instant atomic settlement can directly solve the historic challenges associated with cross-border payments and liquidity management”, said Jarrad Hubble, CEO at RTGS.global. “Successfully facilitating frictionless cross-border payments and settlements between five progressive commercial banks in the Central Asian region that is experiencing significant economic growth proves that the future of cross-border payments is here, and RTGS.global is at the heart of it.”
Eraj Alisherov, Head of International Banking Relationships at Alif Bank in Tajikistan, added: “We have been truly impressed by the speed at which transactions are settled through the RTGS.global network, and it gives us immense confidence in the platform. As a forward-thinking commercial bank we have a particular set of requirements, and RTGS.global’s functionality aligned with these seamlessly.”
Nozigul Ismatova, leading specialist at Anorbank, added: “It gives us great pride to have been part of this pilot transaction with RTGS.global, which has demonstrated how new currency corridors can be seamlessly opened up to the rest of the world. We are looking forward to continuing our work with RTGS.global and seeing what more can be achieved in their mission to connect banks in a global settlement network.”
The successful pilot also saw further use of RTGS.global’s secure and configurable screen-based application, which enables banks to benefit from RTGS.global and confidently execute their transactions without the immediate requirement for an extensive integration project.
