CBN Introduces Real-Time Gross Settlement System
Leadership change is imminent at the apex bank of Nigeria but that has obviously not stopped the brand from performing its unique function. As part of efforts to implement Payment System Vision (PSV)2020 strategy, CBN said it has introduced a new payment system called Real-Time Gross settlement (RTGS) system.
Disclosing this yesterday, the outgoing CBN Deputy Governor (Operations), Mr Tunde Lemo, said that the new RTGS was integrated with Scrip less Security Settlement System (SSSS) and would replace the old payment system in use since seven years ago.
Lemo said that the integration of RTGS and SSSS was a major strategic move with lots of benefits. The benefits, he said, included reduction of settlement and systemic risks in payment system and provision of collateral management platform to mitigate settlement risks “Achievement of instant value for and by bank customers via Straight Through Processing (STP) as funds transfers are transmitted from one party to another without manual intervention,’’ he said.