Rapid and reliable payment system!
A special fund transfer system where there is a continuous and real-time settlement of fund transfers, individually on a transaction-by-transaction basis. Real-time means that instructions are processed as soon as they are received, whereas gross settlement means that individual funds transfer instructions are settled.
It is a fund mechanism that enables you to transfer money/ securities instantly (in real-time). Once processed, real-time gross settlement payments are final and irrevocable.