Real-Time Gross Settlement
For more than two decades, ProgressSoft has provided innovative payments and clearing solutions in countries around the world. Building on this experience, ProgressSoft has launched PS-RTGS, a Real-Time Gross Settlement System, to extend the range of its products.
RTGS systems, run by Central Banks, are the backbone of national payment and securities systems that underpin the economy and support economic, commercial and financial activities. RTGS systems also facilitate Central Banks’ supervisory role and are a vital tool to mitigate systemic risks. This is why the International Monetary Fund and its parent, the World Bank, strongly advocate adoption of Real-Time Gross Settlement Systems in all countries, regardless of the size of its economy.
PS-RTGS empowers Central Banks and monetary agencies with the means to control payment transactions and liquidity risk whilst ensuring irrevocability of financial transactions. Our PS-RTGS solution utilizes the advanced technologies and incorporates international best practices and standards. PS-RTGS provides a solid foundation to help Central Banks meet the Principles for Financial Markets Infrastructure (PFMI) issued by the Committee on Payments and Market Infrastructures (CPMI).
ProgressSoft is aware that economic needs, legal environment, banking structure and Central Banks’ operational requirements differ across countries. Therefore, PS-RTGS has been designed as a modular system, to meet these varying requirements in a highly automated and configurable manner. The core module has been specifically designed to fit the needs of smaller and medium-sized economies. It includes simple but efficient mechanisms for Central Banks to provide liquidity to participants, and it has features which enable participants to efficiently manage their liquidity. In larger economies PS-RTGS can be customized to include sophisticated features to manage both liquidity provision and participant liquidity.
PS-RTGS also provides the settlement engine for payment systems which function in a batch mode or involve continuous netting. It is fully interoperable with PS-ACH; the Automated Clearing House solution developed by ProgressSoft, and can be readily interfaced with other systems for retail payments. PS-RTGS may also be used to support Delivery-versus-Payment mechanisms.
In building PS-RTGS, ProgressSoft has focused on user-friendliness. The interface can be customized to flexibly meet the end-user’s preferences. The system is based on modules which enable flexible and scalable system functionalities (providing a higher degree of flexibility and reusability in the software components), which in turn allows for faster customizations and updates to the system, according to Central Banks’ and participants’ requirements.