Cross-border settlement fintech RTGS.global has entered pilot agreements with three new banks based in Tajikistan and Montenegro to utilise its settlement service.

The three banks are Tajikistan-based Alif Bank and Bank Arvand and Montenegro’s Universal Capital Bank. Through their partnership with RTGS.global, the banks will look to leverage its network to streamline “traditionally cumbersome” cross-border processes.

“Currently, it’s quicker to fly money around the world than it is to move it cross-border, which highlights the growing demand for frictionless cross-border payments and settlements as banks in rapidly-developing markets seek to keep pace with the evolving digital economy,” comments RTGS.global CEO Jarrad Hubble.

Hubble adds the firm will “work closely” with the three banks to “overcome the historic and emerging challenges” relating to payments and liquidity management.

The news follows RTGS.global’s pilots with MDO Humo in Tajikistan and Credo Bank in Georgia earlier this year.

The firm claims it is witnessing “considerable interest” from Central Asia – a market it says is “ripe for settlement services” – with the Commonwealth of Independent States (CIS) reportedly seeing 39% of the world’s cross-border payment traffic go through the region.

Source: Fintech Futures

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