Real Time Gross Settlement
Gross settlement of payment instructions one by one in which processing and settlement take place in real time (continuously).
The most well known examples for infrastructure payment systems that implement this type of settlement are the so called:
- Real Time Gross Settlement (RTGS) systems: the top level payment systems used directly only by the licensed banks in a country.
- Instant Payment System (IPS) systems: retail level real time payment systems used directly by any retail client of a commercial bank enrolled in IPS.
This is a series of posts with definitions for the jargon used in #banking, #fintech and #payments.
Too many people use some terms without understanding them beyond the definition.
Too many “experts” use the terms but they never had experience with the actual implementation of anything in #banking, #fintech and #payments.