Move follows G20’s stated aim to effect ‘more inclusive’ cross border payments
London, UK: 6 August 2020: RTGS Global, the world’s first cross border liquidity network, has appointed a stellar advisory board of fintech industry titans, who will guide the business as it navigates the delivery of stage one of its network. The first advisors to be announced are Phil Kenworthy and Dr Ruth Wandhöfer, with more to be revealed in the coming weeks. This announcement follows news in June that RTGS Global has hired ex-Citi EMEA CEO, Jim Cowles as executive director.
Dr. Wandhöfer is an international banking and regulations expert and author; after more than a decade with Citi, she was an independent Non-Executive Director on the board of the London Stock Exchange Group and Pendo Systems Inc. She worked as Senior Adviser of KPMG and currently serves on the boards of Permanent TSB and Digital Identity Net Ltd. She is also a Partner at Gauss Ventures, Strategic Adviser of the ETPPA and Adviser at Coinfirm.
Mr Kenworthy has worked in payments and financial services for over 30 years, with considerable experience of working with the regulatory community. After nine years at CHAPS Clearing Co, first as a Non-Executive Director and then as CEO, in 2015, he started Payment Systems Consultancy Ltd, an advisory company specialising in payments and settlement. Here, he has worked with a number of high-profile organisations including PwC, LINK and SWIFT. Mr Kenworthy is also a Non-Executive Director of ClearBank, a Member of the UK Access to Cash Panel, and sat on two of the UK Payment Strategy Forum Working Groups responsible for developing the future strategy around market access and payment system operator governance.
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.
Earlier this year, the G20, under the 2020 Saudi Arabian Presidency, declared cross-border payments a priority. This decision recognises the widespread benefits for global citizens and economies that will result from ‘faster, cheaper, more transparent and more inclusive cross border payments’. The Financial Stability Board (FSB) and Committee on Payments and Market Infrastructures (CPMI) subsequently began developing a roadmap for realising a solution to this challenge. The RTGS.global network already dovetails into the identified building blocks, demonstrating its potential to revolutionise cross-border payments.
Nick Ogden, CEO and founder, RTGS Global, says: “Today’s market is witnessing the global ramifications of the Covid-19 pandemic. Prior to this event the FSB and CPMI in their response to the G20, had highlighted that the global financial services industry required new, technology-driven solutions that make interbank liquidity auditable and visible. In doing so every financial transaction can be made based on fact. The RTGS.global network was specifically designed to deliver the global solution to liquidity visibility. I am delighted to work with our highly experienced advisory board who are focused on assisting with developing the capabilities of our technology in our ongoing discussions with commercial banks and regulators around the world.”
Dr. Ruth Wandhöfer, says: “The global cross-border payments infrastructure has long been in need of improvement and, in these turbulent economic times, the challenges created by invisible liquidity become even more critical. I am therefore excited to be working with RTGS Global, to help shape the global payments solution of the future and in doing so being able to realise our vision for a fit-for-purpose cross-border payments network.”
Phil Kenworthy, says: “The legacy correspondent banking system with its requirements for inter-bank pre-funding, elongated payment timescales and the lack of visibility from end originator through to end beneficiary is one that is crying out for change. Until now, this system has lagged behind the disruptive innovation we are seeing in domestic payment markets. Now, following advances in technology, a new way is finally possible. I am therefore excited to be brought on to advise this world-class team to help realise a new and improved cross-border payments network.”