of two ‘streams’: the RTGS stream, and an LSM stream. Looking at equilibrium choices we find that, when liquidity is … expensive, the two-stream system is more efficient than the vanilla RTGS system without an LSM. This is because the LSM achieves … the full benefits of an LSM. In all cases, these results are valid for this particular model of an RTGS payment system and …

This paper develops and simulates a model of the emergence of networks in an interbank, RTGS payment system. A number …

that large-sized payments are settled in the real time gross settlement (RTGS) mode, whereas small ones are dealt with in … the designated time net settlement system. Yet the introduction of the RTGS system imposes substantial costs of … a rationale behind the coexistence of both the RTGS and net settlement systems. …

The introduction of real-time gross settlement (RTGS) in Australia in 1998 was a major reform to reduce risk in the … Australian payments system. Since its introduction, the value of RTGS payments has grown by nearly 70 per cent and the number of …

tiered access in the RTGS system of Chile for new payment service providers (PSP). We find that by introducing decentralized … apps (DApps) the RTGS system would become more accessible and interoperable by enabling a tiered access to new participants …