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)