RTGS (Real-Time Gross Settlement)

RTGS systems process high-value interbank payments with immediate finality — each transaction settles individually rather than being batched and netted. Fedwire (US), TARGET2 (EU), and CHAPS (UK) are the principal RTGS systems. The Bank of England’s active RTGS renewal consultation and JPMorgan Kinexys’s deposit token infrastructure are bridging RTGS toward tokenized settlement rails.