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The RTGS will enable money transfers in foreign currencies.
Bob Denyer, CAS product manager at LogicaCMG, commented: "The implementation of RTGS systems is now much less prohibitive for smaller countries because of the cheaper cost associated with the Windows platform.
Most industrialized nations have adopted the RTGS system since the United States did so in 1982.
The Sterling Multi-Enterprise Finance Gateway offers comprehensive connectivity, translation, routing and integration options for banks and corporates, and will be used as the integration platform for the Perago:RTGS application to provide for the integration of the range of back office systems used by individual participants with the central RTGS system.
The RTGS is designed to forestall a chain reaction of defaults on liabilities by banks -- even when a bank defaults on a debt to another bank -- whose solvency may be seriously undermined by the default.
By ensuring finality of all payments, the RTGS system will reduce 'systemic risk' in the banking system, thereby providing increased integrity and security for all inter-bank transactions.
Fundtech has installed PAYplus RTGS successfully in Australia, Greece, Ireland, Italy, Greece, South Africa, Sweden, the United Kingdom, and installations are in progress in other countries.
amp;uot;HP is delighted to be working with Perago in the field of RTGS.
We needed an RTGS solution that could be enhanced to meet South Africa's unique collateral management requirements," said Gordon Little, BOE's head of Treasury Operations.
Nasdaq: FNDTF) today announced that Allied Irish Bank (AIB), the largest bank in the Republic of Ireland, has purchased Fundtech's PAYplus RTGS (TM) software to meet Irish Central Bank and AIB specifications for Real Time Gross Settlement (RTGS) and Euro payments.
The Governor said, "The new RTGS system is a great example of what we are capable of when we put our minds to it.
The RTGS system has various new functionalities such as advanced liquidity and queue management features, gridlock resolution mechanism, hybrid settlement facility, facility for accepting future value dated transactions, and options for processing multi-currency transactions.
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