At the bottom of the homepage of RTGS Global’s website there is a counter, turning over the cost of inefficiencies in the international payments system – which founder Nick Ogden calculates at $85,617 per second, or $2.7 trillion per year.
These are the sunk costs for businesses around the world of shuttling payments between networks of correspondent banks, sometimes funding inadequate balances in their nostro and vostro accounts. They link to domestic real-time gross settlement systems, occasionally over multiple legs between geographies where the opening times for these systems do not overlap, often chasing up failed payments.
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