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The role of real-time gross settlement in a world of instant payments
Journal of Payments Strategy & Systems,
13
(3),
194-200
(2019)
Abstract
The use of mobile technology for funds transfers has increased dramatically as the market wants payment services that offer speed, convenience, ubiquity, safety and value for money. This paper describes the role of the real-time gross settlement (RTGS) system in a world of instant payments. It describes features that characterise RTGS and instant payments, and argues that there is still a role for RTGS. It concludes by highlighting eight critical issues that central banks should consider in their quest to provide payments and settlement infrastructures which are dynamic and appropriate for the rapidly changing globalised environment.
Keywords: RTGS; instant payments; real-time retail payments
The full article is available to subscribers to the journal.
Author's Biography
Bruno Lule Yawe is an associate professor of economics in Makerere University’s Department of Economic Theory and Analysis. He is also Deputy Principal of the College of Business and Management Sciences. Previously, he was a postdoctoral research fellow at the Judge Business School, University of Cambridge under the Cambridge–Africa Partnership for Research Excellence Programme.
Yusuf Kiwala is a lecturer at the Makerere University School of Business. He is currently researching municipal finance in Uganda. He holds a PhD in business management in addition to a master of business administration. Prior to joining Makerere University, he worked for the Ugandan Ministry of Finance, Planning and Economic Development’s Financial Management and Accountability Programme. He is involved in a number of collaborative studies with civil society, local and international organisations.
