Large Value Payments

Real-Time Gross Settlement (RTGS) and Scripless Securities Settlement System (S4)
In line with global trends in managing inherent payment and settlement risks in large value payments, the CBN commenced the operations of the Real Time Gross Settlement System in December 2006.

The Real Time Gross Settlement System was deployed on December 18, 2013, along with the Central Securities Depository (CSD). The purpose of the replacement of the old RTGS System was to have a robust system that would meet all the users' requirements and address all the challenges with the old system.

The upgrade to the RTGS and S4 was released on April 11, 2023, to accommodate some developments in the banking system. The new system was deployed with the following upgrades to both technical and business features:

Technical Upgrade

ISO 20022 Support
Migration from SWIFT to private networl
New Graphical User Interface (GUI) using modern architecture
24/7 support
Robust Application Interface (API) for seamless integration with other financial market infrastructures e.g. Financial Market Dealers Quotation (FMDQ), Central Securities Cleaning System (CSCS)

New features based on business requirements:

Support for Non-interest financial instruments (Sukuk, Central Bank Non-Interest Notes (CNIN) and operations (CBN Asset-backed Securities)
Security lending and borrowing (FFLF and IDF)
Robust collateral management
Interbank placement support
Support for Redemption of instruments using Call/Put options
Redemption of instruments with amortization principles
Automated offsetting of payments
Provision of support for underwriting auction
The spacing of the (4) settlement session with the cut-off time for sessions 0,1,2 & 3 amended to 9 am,12 noon, 3 pm and 6 pm respectively and the extension of external users on RTGS and S4 from 4:30 pm to 6:30 pm.
Change of RTGS system configuration to accommodate all schemes and instruments in each of the (4) four settlement sessions.