Central Bank of Nigeria
January 12, 2014
The Central Bank of Nigeria launched the new payment system Real-Time Gross settlement (RTGS) and the Scripless Security Settlement System (SSSS) as part of efforts for implementation of the Payment System Vision (PSV) 2020 strategy.
The Real-Time Gross Settlement (RTGS) is an interbank payment infrastructure that facilities the real-time settlement of electronic funds transfer on a gross and irrevocable basis. It is built on SWIFT standards allowing safer, easier and faster interconnectivity with other payment system infrastructures both locally and internationally.
The Scripless Security Settlement System (SSSS), on the other hand, is a new initiative to issue, manage and settle government and other money market securities processed as electronic records in a Central Securities Depository (CSD) system. SSSS facilitates the electronic management of the entire life cycle of securities transactions, manages primary and secondary market securities, and facilitates efficient open market operations. In addition, RTGS and SSSS integration facilitate the reduction of settlement and systemic risks in the payment system and provision of collateral management platform to mitigate settlement risks.