Accenture System of carrying out gross calculations in real time (RTGS, real-time gross settlement)

2019: Announcement of the pilot of a system of carrying out gross calculations in real time

On November 26, 2019 the company Accenture reported that together with R3 and SAP the pilot of a system of carrying out gross calculations in real time (RTGS, real-time gross settlement) based on technology of the distributed registers developed. Development will allow to optimize processes of calculations between banks and clients, making payments quicker, more reliably and more safely.

According to the company, a RTGS system allow to provide carrying out electronic payments between banks in real time. Such approach is often used for transactions for the considerable amounts requiring immediate clearing and are processed by the central banks.

The created platform will allow to carry out integration and joint work between DLT systems (Distributed Ledger Technology, the distributed register or a blockchain), and classical methods of carrying out payments and calculations. The pilot of the solution uses conventional units of calculation - special tokens – for transactions and reconciliation. it provides flexibility which is necessary for adaptation and integration of payment technologies, allowing banks to save the current formats of payments.

As the existing infrastructure of calculations is difficult and fragmented, the RTGS systems using DLT and cryptographic the safe tokenized payments, can help the central banks to increase efficiency and security. The pilot of RTGS developed in cooperation with SAP and R3 shows the following level of efficiency in work of payment systems and, finally, the way to use of the tokenized assets, such as securities, for creation of a complete ecosystem of financial services lays. John Velissarios, the managing director and Blockchain Lead in Accenture told

In the solution SAP application of Payment Engine which serves as the central engine for initiation, processing, clearing and carrying out calculations is used. It is integrated with the Corda R3 platform for ensuring interaction with the RTGS systems, providing almost seamless compatibility between the normal and tokenized payments.

Making use of experience of Accenture in work with the central banks of the different countries in the field of payment systems and also a possibility of technology of the distributed registers, development will allow to make a transfer as between the banks using the DLT solution and those market participants who did not make it so far.

The blockchain for banks "hung up" at the level of pilots and prototypes. The most part of financial institutions cannot pass from the pilot to scaling because of regulatory risks - lack of the regulatory base allowing to use the distributed registers for transactions with assets. On the other hand, the Central Bank created a regulatory sandbox in which application of a blockchain for separate tools, such as depositary receipts, letters of credit and other is tested. "Sandbox" is directed to piloting and modeling of processes of financial services, it should promote more rapid implementation of innovations in this sphere. All new frightens, there is a certain mistrust of technology. A significant part of concerns is connected with information security and the fact that implementations of blockchains and applications with their use – for November, 2019 quite young. Most likely, a significant part of errors and vulnerabilities are not found yet and not eliminated. Besides because of features of technology it is very difficult to roll away changes back. Anton Epishev, Blockchain Lead Accenture in Russia told

Besides, the blockchain — for November, 2019 is rather young technology, it demands from banks of thorough reorganization of the existing business models and processes.