RTGS.global, the cross-border settlement company, has unveiled pilot agreements with three more banks – Alif Bank and Bank Arvand in Tajikistan, and Universal Capital Bank in Montenegro.
They are the latest institutions to embark on pilot programmes with the company. Through its network, the banks will realise significant liquidity benefits and streamline traditionally cumbersome cross-border settlement processes.
It follows RTGS.global’s earlier pilot agreements with MDO Humo in Tajikistan and Credo Bank in Georgia, underscoring the company’s commitment to enhancing cross-border payment and settlement procedures in the Central Asia and Central and Eastern Europe regions.
RTGS.global’s solution has so far appealed to early adopters in rapidly-developing markets like Central Asia. Furthermore, the Commonwealth of Independent States (CIS) plays a pivotal role in the global cross-border payment landscape, with 39 per cent of the world’s cross-border payment traffic routed through the region. This makes it a fertile ground for innovative settlement services.
Jarrad Hubble, CEO at RTGS.global, commented: “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.
“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.”
Banking progress
In addition to its partnerships with progressive banks, RTGS.global has attracted interest from tier one multinational banks in the industry. These banks have joined forces to create a global Banks Working Group in collaboration with the FMI (Financial Market Infrastructure). The group consists of nearly 20 market-leading banks spanning across the Americas, EMEA and APAC regions.
They have already held three meetings, with the latest occurring at Sibos, and have scheduled a fourth meeting in London on 15 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.”
