OPEN-RTGS

Real-Time Gross Settlement System

OPEN-RTGS is a real-time gross settlement (RTGS) system in which the processing and settlement of orders takes place in an itemised manner (without netting) and in real time, i.e. continuously and consecutively.

The OPEN-RTGS system has a cash and securities settlement module that functions on the basis of real-time communication and transaction-based processing, and has the following main features:

• RTGS operation
• STP (straight through processing)
• Message-driven solutions supported by real-time communication
• The operating model is as follows:
• Receipt and validation of transactions
• Queue generation
• Queue processing
• Queue monitoring
• Suitable for integration with other internal and external applications
• Support for connections to other RTGS and international payment systems

OPEN-RTGS performs the settlement of business transactions in real time, without the need for user intervention, using the queue-management system that forms the basis for the RTGS model of operation.

Transactions are received into the system marked by priority group, placed in a queue accordingly, and then processed on a first-in first-out (FIFO) basis within their respective priority groups.

The system’s key functions and features are as follows:

• RTGS management, which sets the times for opening and closing of the system. Through the allocation of time slots, the system regulates the processing order and times of a particular type of transaction.
• Queue management (queue generation, queue processing)
• Prohibition-list management, which in the event of insufficient account coverage, ensures the continuity of the queue processing process
• Monitoring, which enables the tracking of the processing stages of individual business transactions, as well as the status of the queue processing
• Generation of reports, for the same day or for a given period, for the purpose of retrospective evaluation
• Standing data management: handles the standing data necessary for the processing of transactions
• Logging: the recording of events occurring in the system and of changes to input-output operations

Internal system connections

The OPEN-RTGS System connects to other internal and external systems via a standardised interface.

The OPEN-RTGS system connects in real time to the Securities Clearing and Settlement applications, as well as to the Current Account Management module of the OPEN Banking Systems suite.

Compatibility with Hungarian and international payment systems

The OPEN Banking Systems applications suite is compatible with the Interbank Clearing System (ICS), and, owing to its RTGS capability, connects to the RTGS interbank clearing and settlement system (CAS) operated by the National Bank of Hungary (NBH), which, since EU accession, has also performed international euro payments by interfacing to TARGET.

OPEN-RTGS is also capable of sending messages over the SWIFT network.

OPEN-RTGS is a modular system with a client-server architecture and a user-friendly graphical interface, and can be flexibly developed to suit a wide range of user requirements.

The protection of the systems in terms of access and authorisation is ensured on multiple levels, partly by leveraging the opportunities offered by the applied technologies and partly by utilising the supplied application-level protection devices.

KELER (Central Clearing House and Depository Budapest) Ltd.