RTS/X Real-Time Gross Settlement system from CMA Small Systems

RTS/X - Real Time Gross Settlement System

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RTS/X is a full-functional payments solution with RTGS functionality, enhanced monitoring and liquidity management facilities, DvP/PvP support and built-in Integration Bus. RTS/X implementation allows achieving a very good price/performance ratio in comparison with a typical numbers in similar projects. The system is based on proven, high-reliable, state-of-art and efficient technologies that are successfully implemented and used in a number of projects throughout the world.

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Functionality Technical Design Security Redundancy Standards Implementation

Liquidity and collateral management functions including
- Liquidity saving facilities such as offsetting, bilateral and multi-lateral limits, timed payments, active queue management, gridlock resolution, etc.;
- Intraday Liquidity Facilities via collateral accounts, collaterized overdrafts, credit lines, triggering intraday repo and currency swap;
- Automated redemption of the liquidity.
Advanced Risk Management tools allow mitigating the liquidity risks in the RTGS system;
Full multi-currency support including operations between currencies;
Enhanced online monitoring and payment tracking function;
Support of hybrid settlement modes (real-time, near real-time, deferred);
Facility to process Net transactions from different sources (external systems) in different modes (using reserved funds or settlement account available balance), aggregate Net settlement, using of guarantee funds etc.;
Support of DvP (Delivery versus Payment) as well as PvP (Payment versus Payment) transactions;
High level of automation for cross-border transactions through Central Bank’ correspondent accounts;
RTS/X supports a wide set of specific operations like Cash withdrawals, Cash deposits, control of Minimum Reserve Requirements, other special types of operations.

In addition, RTS/X basic package:

Provides a wide set of options each of which provides high level of STP processing;
Supports multiple data feeds for information exchange with other systems.
Supports SWIFT FIN and FINCopy services. Both V-shape and Y-copy topologies are available. RTS/X also supports SWIFTNet FileAct, InterAct and Browse services;
Supports SWIFT MT, MX (ISO 20022) format and mixed MT-MX environments;
Supports VPN (virtual private network) and SWIFT networks as message carriers together in any combinations;
Allows implementation of flexible and configurable business day schedule.

The system has a distributed architecture with a Central Node at Central Bank site, front-end platforms for Participants for message (electronic payments and securities) exchange and monitoring;
As a principle, all components are open and therefore adaptable and easily integrable;
Interbank messages may be transmitted over secure extranet. Nevertheless, all necessary components for delivery via SWIFTNet are included into the software package;
The customer interface is consistent regardless of delivery channel;
Access management is role-based;
The message interaction between all components, at a functional level, is managed centrally;
Integration with currently existing systems at Central Bank is provided by using a set of built-in adapters via commercially available well-known protocols; an open message-based API for this integration is available as well;
Different environments may be created: production, UAT, and disaster recovery;
System availability and performance for all components is centrally managed;
Resilience and high-availability is provided at all levels throughout the system.

The system complies with industry standard Open System conventions. Business logic is designed based on the widely accepted principles and guidelines. It consists of system functional modules such as “message processing”, “settlement”, and “query processing” and is described as business processes in structured, graphical form: Unified Modelling Language (UML). This helps to understand clearly how system works and which part of which business process should be customized to accommodate future changes. On a data level such standards as SWIFT (including ISO15022) as well as an XML standard are implemented. This standardization from business logic level down to the data level allows interfacing easily with other systems and/or expanding the system with additional functional modules.

RTS/X has incorporated many security standards in a set of mechanisms that guarantees a well-secured working environment for all parties. As an internationally-wide system that will be adopted and implemented across all banking institutions in the region where it is installed.

The security features offered by the system are as important as its functionality. Digital signatures and certificates supported by are used to guarantee identity of communicating parties. It is used as a fully-fledged mechanism that satisfies almost all security needed of such an application, starting from authenticating users logged on to the system, passing through to authorizing data items being exchanged and ending with utilizing a secured line channel for safe communication. Industry-leading digital certificate management solution from RSA Security, Inc. provides ultimate level of trustworthiness.

RTS/X network solution is designed for redundancy and scalability. There is no single point of failure within the primary system, while backup system at the alternate site protects from disasters and major failures, affecting the primary system as a whole. The system includes automatic failure recovery mechanisms and back-up facilities and procedures providing high level of service availability and mitigating risks. To cater for disaster, the infrastructure is designed such that the business operation can be resumed with minimal data loss in case of disaster. In addition, it is designed in a way that switching over from Production Site to DR site and vice versa can be achieved within very short period of time.

RTS/X includes problem management procedures and tools: problem management can be implemented with change control procedures, thereby ensuring that all changes are logged and that all problems are closed.

The system is based on business-driven approach and modern technologies. It allows to achieve a very good price/performance ratio in comparison with a typical numbers in similar projects. This is ensured by feedbacks of our Customers.

RTS/X is compliant with World Bank and BIS principles and recommendations regarding systemically important payment systems thus allowing the mitigation of all types of related risks. RTS/X fully adheres to SWIFT standards and was certified for SWIFT Ready Labels since year 2004. RTS/X significantly reduces or even totally avoids all types of risks related to payment systems (legal, operational, financial, security and systemic).
RTS/X development and implementation processes are compliant with the following major standards and certification programs:

BIS Core principles for systemically important payment systems (cpss34e), BIS General Guidance for payment system development (cpss69), New developments in large-value payment systems (cpss67), Delivery versus payment in securities settlement systems (cpss06), CPSS/IOSCO Recommendations for securities settlement systems, and other related papers (e.g. Bank of Finland Discussion paper “Large Value Payment systems – principles current and future developments”, 2004 etc.);
ISO/IEC 17799:2005 Information Security Management System standard;
ISO9001:2000 certification for “Provision of information technology consulting services”;
ISO9001:1994 certification for “Provision of customer support services” ;

RTS/X is granted 2017 SWIFT Certified Application Payments label following its functional and technical compliance with SWIFT standards, messaging services and connectivity. Designed to reflect an application's ability to provide automation in a SWIFT environment the SWIFT Certified Application program is based on dedicated set of SWIFT-specific certification criteria that are re-evaluated annually.

CMA’s implementation procedures cover the design, development, supply, installation, configuration, testing, implementation, delivery and support of RTGS system. Responsibilities are aligned with these management streams both within the CMA team and, correspondingly, within the Central Bank team. The project is further divided into phases that include requirements analysis, testing and training. During all the different phases of the project, the CMA team works very closely with their counterparts at Central Bank.

CMA realizes the importance of the RTGS project to Central Bank at large. To supplement the local knowledge and cross-industry project expertise of the Central Bank and Participants, CMA assigns a dedicated team for project implementation who bring their individual experience of implementing RTGS system and other banking project expertise to the successful delivery of the Central Bank project. As the leading RTGS systems supplier, CMA has great proficiency in the various aspects of developing and delivery of national payment systems.

Solution Benefits

Functionality of the systems covers all aspects of payment and securities operations processing, liquidity management facilities, multi-currency support (for future use), billing calculations, statistical analysis, and more.
High level of STP-processing is based on automated processing of all requests and uniform data presentation based on XML standard and SWIFT standards.
DvP models I and II are built-in functionality of RTGS. DvP model in RTGS solution may function with any external system that support these models as well. DvP model III is an option that may be used by if necessary.
Multi-tier modular design provides high performance and scalability. It is possible to distribute the load within each Layer and between Layers. All processes may be executed in parallel. The solution supports:
- automatic load balancing;
- manual distribution depending on the user groups;
- manual distribution depending on the function groups.
Easy extension of functionality and manageability of the solution is based on modular design ensuring a “granularity” nature of changes during customization.
The RTS/X backbone is Integration Bus PIE that is a set of dedicated tools for connection with other external applications. Integration Bus includes special components, Adapters that allow establishing of information exchange with External applications using commercially available third-party tools and protocols like WebSphere MQ, MSMQ, WEB Services, etc.
The solutions utilize Secure Extranet for any message exchange including payment and securities operations.
Support of SWIFT network connectivity is included into the basic package as well. The SWIFT network may function instead of or in a parallel with Secure Extranet. In case of “mixed” network solution some of Participants may use SWIFT network and others may utilize Secure Extranet.
Simple user interface. Any workstation’s user interface is very simple so any user who has an idea about web applications can easily get used to its interface. The system allows navigation through its features using a simple pull down menu that navigates him within a pre-categorized set of sub menus.