Webinar - Payments and Settlements Systems - RTGS, SWIFT, LVTS, CLS

Webinar – Tuesday November 1, 10:00 AM PDT / 1:00 PM EDT

This webinar focuses on the entire payments and settlements process: beginning with the making of a payment and ending with the payment being received by the beneficiary and settled in a manner that makes it final and irrevocable.

We will explore the nature of a payment and the many ways that these funds may be transmitted from the payer to the receiver, depending on the parties’ physical location and their requirements, as well as the settlement that occurs between the intermediaries handling the payment so as to ensure that the transaction cannot be legally challenged.

We cover the full range of major payment & settlement systems including; Payment systems, Real Time Gross Settlement (RTGS), Large Value Transfer Systems (LVTS), Deferred net settlement, Continued Linked Settlement (CLS), SWIFT financial messaging and, Correspondent banking.

FURTHER DETAILS AND REGISTRATIONS>>

Use coupon code 335840 and get 10% off on registration

Webinar - Payments and Settlements Systems - RTGS, SWIFT, LVTS, CLS

Join Citadel Advantage’s STANLEY EPSTEIN on Tuesday November 1st, 10:00 AM PDT / 1:00 PM EDT.

Understand the payments and settlements process through this webinar: beginning with the making of a payment and ending with the payment being received by the beneficiary and settled in a manner that makes it final and irrevocable.

This webinar will explore the nature of a payment and the many ways that these funds may be transmitted from the payer to the receiver, depending on the parties’ physical location and their requirements, as well as the settlement that occurs between the intermediaries handling the payment so as to ensure that the transaction cannot be legally challenged.

DETAILS HERE>>

Analyzing Bank of England's Outage

From Bank Info Security

“John Walker, director of cyber forensics for the British security firm Cytelligence, says network security is often easy for hackers to penetrate, pointing to many recent examples.

In an interview with Information Security Media Group, he singles out a suspicious "technical" issue that reportedly took down part of Bank of England's payments network earlier this week. Walker, a featured presenter at ISMG's Global APT Defense Summit in New York, says Bank of England, like many other organizations that suffer similar outages, was likely the victim of a cyber-attack. 

"What happened at the Bank of England?" he asks. "There are a number of questionable issues. You have an enormous, massively expensive system here that went down for an entire day. ... I just have some suspicions around the whole thing."

On Oct. 20, part of the Bank of England's automated system for settling high-value payments apparently failed to function, which the nation's central bank blamed on routine maintenance, according to a news report from The Irish Times. The outage lasted about eight hours, the newspaper reported.”

read more & listen to the interview>>

UK's high value payment system Chaps goes down

From Finextra

“The Bank of England was forced to suspend the UK's real-time gross settlement system Chaps for several hours on Monday while it investigates an unspecified technical glitch.

The breakdown in service is a big embarrassment for the UK's central bank, coming in the year that the Clearing House Automated Payment System celebrated its 30th anniversary as the 'unsung hero of the financial system'.

Chaps is responsible for processing over 92% of all intra-bank payments by value in the UK, handling an average of £277bn of payments per day.”

read more>>

Hong Kong RTGS adds new real-time features to its SWIFTNet platform

SWIFT, the Hong Kong Monetary Authority (HKMA) and Hong Kong Interbank Clearing Limited (HKICL) have announced that they have completed the migration of Clearing House Automated Transfer System (CHATS) payments to the RTGS platform via SWIFT with the addition of InterAct and Browse.

These new services have been live since mid July and provide interactive real-time query and response messaging to RTGS participants. Apart from other channels to access Central Moneymarkets Unit (CMU) services, with InterAct and Browse, the real time CHATS and CMU functions can now be done by the 151 RTGS participants and 163 CMU participants in a more interactive and user-friendly manner.

This new development will enable all banks to streamline their back office systems and will reduce annual maintenance costs, said Michael Velez from HSBC Hong Kong.

Hong Kong RTGS adds new real-time features to its SWIFTNet platform

The Hong Kong Monetary Authority (HKMA), the Hong Kong Interbank Clearing Limited (HKICL) and SWIFT have announced that they have completed the migration of Clearing House Automated Transfer System (CHATS) payments to SWIFT with the addition of “InterAct” and “Browse” to the RTGS platform.

These new services are live and provide interactive real-time query and response messaging to RTGS participants. Apart from other channels to access Central Moneymarkets Unit (CMU) services, with InterAct and Browse, the real time CHATS and CMU functions can now be undertaken by the 151 RTGS participants and 163 CMU participants in a more interactive and user-friendly manner.

“Our decision to move from a proprietary platform to SWIFT has been a success for our participating banks because they are able to use one uniform standard to process domestic and international payment messages since phase 1 migration. The complete migration further facilitates the interoperability between domestic and international messages, which are conducive to the further development of the multi-currency and multi-dimensional platform in Hong Kong, thus helping consolidate Hong Kong as an international financial centre,” said Eddie Yue, Deputy Chief Executive, HKMA.

Reserve Bank of India is concerned that electronic transfer guidelines are being ignored

The Reserve Bank of India (RBI) has expressed serious concerns over complaints regarding delays in affording credits as well as the return of transaction. The RBI in a circular to participants has urged participants in electronic transfer system to strictly adhere to RBI guidelines. The services involved are the various electronic payment products like Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT), National Electronic Clearing Service (NECS) and Electronic Clearing Service (ECS). Member banks were also found not to be paying the required interest for delayed credits to beneficiaries’ accounts as provided for in the Procedural Guidelines. The RBI said that ‘this results in inconvenience to customers and loss of credibility in the system and adversely impact the growth of electronic payment systems in the country.

RBI said various electronic transfer systems have been growing in terms of acceptability and coverage and for increasing the pace of migration, it was essential that the credibility of the electronic payment systems was upheld and member banks using the products strictly comply with the procedural guidelines and circulars instructions issued by RBI from time to time, in both letter and spirit.

“Keeping in view the seriousness of the issue and to ensure proper and efficient management of these systems, all member banks participating in the electronic payment systems viz, RTGS, NEFT, NECS and ECS variants are advised to strictly adhere to the various provisions contained in the respective Procedural Guidelines as also instructions / circulars / guidelines issued by the RBI from time to time, while handling electronic payment system products” RBI said warning that any violation of these guidelines would attract the punitive consequences as envisaged in the relevant laws.