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United Kingdom
United Kingdom
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RTGS meaning
Published by a LexisNexis Financial Services expert
What does RTGS mean?
In practice, RTGS (real-time gross settlement) describes the central bank payment system for settling high-value interbank payments one by one, in real time and in central bank money. Once processed, the payment is final and irrevocable, reducing settlement risk and providing “good funds”.
United Kingdom: The bank of england’s RTGS service holds sterling settlement accounts for banks, building societies and other eligible institutions. It is the core infrastructure used to settle CHAPS payments, the net positions of retail payment systems (for example Faster Payments and Bacs), and to support delivery-versus-payment in CREST. RTGS is a descriptive term rather than a defined statutory concept; however, systems that settle across RTGS accounts (notably CHAPS and CREST) are designated under the Financial Markets and Insolvency (Settlement Finality) Regulations 1999, which confer statutory settlement finality and insolvency protections. Oversight sits within the Bank of England’s statutory framework, including the Banking Act 2009.
Ireland: Euro RTGS services are provided by the Eurosystem’s T2 platform (successor to TARGET2), with participation overseen by the Central Bank of Ireland. Settlement finality is provided under the European Communities (Settlement Finality) Regulations 2010.
Typical legal use: drafting payment mechanics (same-day funds/CHAPS), closing funds flows, escrow releases, treasury and liquidity provisions, and assessing...
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