RTGS.global, the next generation settlement company revolutionising cross-border payments, has today announced landmark pilot agreements with three more banks as demand grows for its cutting-edge settlement service.
Alif Bank and Bank Arvand in Tajikistan, and Universal Capital Bank in Montenegro, are the latest progressive institutions that will run pilots with RTGS.global. Through its network, the banks will realise significant liquidity benefits and streamline traditionally cumbersome cross-border settlement processes.
These latest agreements closely follow pilots with MDO Humo in Tajikistan and Credo Bank in Georgia, which RTGS.global announced earlier this year, signalling a commitment to improving cross-border payments and settlements in the Central Asia and Central & Eastern Europe regions.
RTGS.global’s solution is generating considerable interest from early adopters in rapidly-developing markets such as Central Asia. Furthermore, the Commonwealth of Independent States (CIS) sees 39% of the world’s cross-border payment traffic go through the region, making it a geography ripe for innovative settlement services.
“It’s a pleasure to be working closely with another group of progressive banks committed to overcoming the historic and emerging challenges associated with payments and liquidity management”, commented RTGS.global’s CEO, Jarrad Hubble. “Currently, it’s quicker to fly money around the world than it is to move it cross-border, which highlights the growing demand for frictionless cross-border payments and settlements as banks in rapidly-developing markets seek to keep pace with the evolving digital economy.”
Meanwhile, RTGS.global has attracted interest from the industry’s largest tier one multinational banks, which have formed a global Banks Working Group with the FMI to collaborate in leveraging its network and expertise to advance cross-border payments and enhance the global banking ecosystem. The Banks Working Group already comprises almost 20 market-leading banks from across the Americas, EMEA and APAC regions, and has hosted three meetings, with the most recent taking place at Sibos and the fourth scheduled to take place in London on 15th November.
“As a business, we have made significant progress this year”, adds Hubble. “On the back of these new partnerships we are excited to push-on with the next phase of our growth and to continue to fix issues across the global financial system, serving both established and emerging markets.”