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Real Time Gross Settlement (RTGS)

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Benefits of Real Time Gross Settlement

  • Fast and secure mode of transfer of funds (less than 10 minutes)

  • It is a better method of monitoring financial transactions by involved parties

  • Reduces the risk of frauds and forgeries that exist in other payment systems like cheques

  • Reduces the need of bulk movement of cash as physical cash is not involved

  • Enhances the safety and efficiency of payments

  • It is a tool used by government to stabilize the economy through improved monetary policies

Telegraphic Transfers

This is an acronym for Society for Worldwide Inter-Bank Financial Telecommunication. It provides a means of facilitating interbank financial transactions and is fast, safe, secure and reliable

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Benefits of Telegraphic Transfers

  • Fast and secure mode of transfer of funds (less than 10 minutes)

  • It is a better method of monitoring financial transactions by involved parties

  • Reduces the risk of frauds and forgeries that exist in other payment systems like cheques

  • Reduces the need of bulk movement of cash as physical cash is not involved

  • Enhances the safety and efficiency of payments

  • It is a tool used by government to stabilize the economy through improved monetary policies