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 system have the following objectives:
- Reduce 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.
- Develop a real-time delivery versus payment system to serve as an infrastructure for the government. and CBG securities market to reduce settlement risks.
- Improve efficiency and service to participants.
- Allow the integration of future services, and
- Conform 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)