The Bank for International Settlements (BIS), Committee on Payments and Market Infrastructures (CPMI) released a report, Operational and technical considerations for extending and aligning payment system operating hours for cross-border payments: An analytical framework, to aid central banks and operators who plan to extend real-time gross settlement (RTGS) system operating hours with a systemic approach to render these services effectively. The report works in conjunction with the BIS May 2022 report, Extending and aligning payment system operating hours for cross-border payments. According to the report, “An extension and alignment of payment system operating hours across jurisdictions could help to speed up cross-border payments, especially between jurisdictions with significant time zone differences. It could also improve liquidity management, reduce settlement risk and enhance the performance of cross-border payment arrangements.”

While the 2022 report focused on three options for extending RTGS system operating hours to enhance for cross-border payments, including incremental increases in operating hours on current operating days, inclusion of current non-operating days, and extension to 24/7 operating hours, the 2023 report gives attention to current operating days as a short term strategy. Medium and long-term strategies are still under consideration.  

More information on BIS’ report on Operational and technical considerations for extending and aligning payment system operating hours for cross-border payments: An analytical framework, is available here.