Real Time Gross Settlements (RTGS)

What is Real Time Gross Settlement System (RTGS)?

The RTGS system provides a mechanism for Participants to settle large-value and time-critical payments and is part and parcel of the Gambia Electronic Payment System (GEPSS).

The new system will have the following objectives:

• Reducing settlement risk to the Central Bank and to participants in the payment system by providing real-time gross settlement capability across current accounts at the CBG;
• Developing a real-time delivery versus payment system to serve as an infrastructure for the government and CBG securities market to reduce settlement risks;
• Improving efficiency and service to participants;
• Allowing the integration of future services; and
• Conforming to international best practices as set out by the Bank for International Settlements (BIS) and related agencies.

The RTGS system will provide these main services:

• Transfers of funds;
• Balance and movement inquiries for settlement accounts;
• Intraday liquidity facility via REPO transactions;
• Inquiries regarding the position of transfer instructions in the queue mechanism for settlement accounts, including queue management/manipulation instructions such as re-ordering and cancelling,
• Messaging services;
• Reporting facilities;
• A high level of security for all transactions;
• Provision to enable cross-border transactions with other regional and international RTGS systems in the future; and
• Capability to support other currencies in the future.

NOTE: Hours of operations - RTGS (Operation - 8.00 am to 3.45 pm)