Non-banks in RTGSs: greater efficiency or more risk?

Policy-makers and practitioners from central banks in Brazil, Hungary, Israel, Romania, Rwanda and the US share their perspectives

Digital cogs

New developments come in hot and fast in the financial system, forcing regulators to deal with questions that potentially could take decades to investigate thoroughly. One current theme is whether to include non-banks as core members of real-time gross settlement (RTGS) systems.

RTGSs, which handle the largest money and securities transfers instantly in central bank money, are one of the most pivotal domestic financial infrastructures in any jurisdiction. Traditionally, overseen and/or operated

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