What changed
The new RTGS system, based on ISO 20022 messaging standards, goes live on October 19, 2013. The 2004 RTGS Membership Business Operating Guidelines and 2004 RTGS Membership Regulations are superseded by the new RTGS System Regulations 2013.
What it means for you
Banks must transition to the new RTGS platform, which uses a more modern messaging standard for better data and interoperability. The old system and its regulatory framework are no longer valid, so compliance with the new regulations is mandatory.
What you must do
- Ensure your bank is ready to participate in the new RTGS system from October 19, 2013.
- Update internal systems and processes to comply with the RTGS System Regulations 2013.
- Train staff on the new ISO 20022 messaging standard and operational changes.
- Verify that all necessary technical and operational steps are completed before the go-live date.
Who it affects
All RTGS member banks, Bank IT and operations teams handling payment systems, Compliance departments managing regulatory adherence
When does the new RTGS system become operational?
The new RTGS system goes live on October 19, 2013, replacing the old system entirely.
What happens to the old RTGS regulations?
The RTGS (Membership) Business Operating Guidelines, 2004 and RTGS (Membership) Regulations, 2004 cease to exist from October 19, 2013, replaced by the RTGS System Regulations 2013.
What messaging standard does the new RTGS use?
The new system adopts the ISO 20022 messaging standard, as referenced in the earlier circular from December 31, 2012.