Uruguay Achieves Payments Harmonization on SWIFT via RTGS

SWIFT, a global provider of financial messaging services, has integrated the real-time gross Settlement Settlement Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Read this Term system (RTGS) from the Central Bank of Uruguay, helping bolster the Latin American (LATAM) country’s financial markets in a bid to entice foreign investment, per a SWIFT statement.

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SWIFT currently works with a number of central banking units in LATAM and is now supporting Uruguay as it looks to help promote foreign investment to its economy. The implementation of the RTGS system also helps strengthen efficiently, thereby tempering operational risk for all players, revelations that are very receptive to foreign players.

Moreover, the harmonization of Uruguay’s central bank also helps bring a unified international standard to the country, which will also help streamline Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term on a domestic scale, in additional to abroad.

According to Juan Martinez, Managing Director, LATAM and the Caribbean, SWIFT: “SWIFT is pleased to support Uruguay’s Central Bank as they take the right measures to boost efficiency and reduce operational risk. The harmonization of payment systems based on international standards is a critical enabler to help local players stay at the forefront of the market’s globalization.”

According to a recent statement from the Central Bank of Uruguay: “The implementation of this system is another example of the Bank’s steadfast commitment to strengthen the country’s competitive position in the local and international markets. By adhering to international standards and minimizing operational risk the Bank is better equipped to serve all the market participants and further growth.”