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Real Time Gross Settlement (RTGS) system executes individual payment transaction between participants at a gross principle in real time.

RTGS system is a systemically important payment system.

Basic characteristics of processing payment transactions in the RTGS system:

• Payments are processed individually in real time on a gross basis and according to FIFO principles (with priorities);

• After settlement, payment is final and irrevocable;

• Possibility of re-prioritising payment in the waiting queue by account owner;

• All payments in the waiting queue are annulled at the end of the working day;

• Use of SWIFT MT202, MT103 messages;

• Use of so-called “V” scheme of message processing.

Transactions in the RTGS system

Transactions mandatorily processed in the RTGS system are as follows:

1. Payment transactions to the amount of 1.000,00 euros or more;

2. Payment transactions involving the payment of public revenues (taxes, contributions, duties, etc.) to the transaction accounts prescribed by the ministry responsible for financial affairs and payment transactions to credit and debit the State Treasury;

3. Payment transactions through which the participants withdraw cash from the CBCG Treasury;

4. Payment transactions delivered by the DNS system based on negative net position.

Payment transactions lower than 1,000 euros may be processed within the RTGS system at a payment service user’s request.

DAILY WORK TIME SCHEDULE OF THE RTGS SYSTEM

The working schedule of the RTGS system is determined by the Daily Work Time Schedule of the RTGS system.

Participants in the RTGS system

Banking identification codes in the RTGS system