Also found in: Financial.
RTGSSReal-Time Gross Settlement System (Slovenia)
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When a flashy, flamboyant and rich politician docks at your church or funeral gathering to donate millions of shillings and opulently display thick wads of cash, is it not just obvious that the money did not come from the inside of a bank and, therefore, it most likely originated from proceeds of corruption?Were the thick wads of banknotes donated to schools and churches coming from a bank and sourced from genuinely acquired wealth, these benevolent elite would be writing cheques to these churches, wouldn't they?TRANSACTIONYou have the alternative of channelling the payment through Real Time Gross Settlement Systems (RTGSS), which has the capability of transferring the money from your bank straight to the bank of the church or school you are helping.Even M-Pesa can do it.
It has been noted that major economies are in the process of either enhancing or reconstructing their systemically important payment and settlement systems--central banks' real-time gross settlements systems (RTGSs), in particular.
For instance, this could be about telling a corporate customer who relies on inward NEFT based RTGSs from the vendor eco-system that "not only will we be able to process his payments the fastest in the country, but we also have mechanisms and systems that allow us to include the invoice details" that the vendor network is using to pay to the bank's corporate customer.