Real Time Gross Settlement (RTGS) are funds transfer systems where transfer of funds takes place from one bank to another on a “real time” and on “gross” basis. Settlement in “real time” means payment transaction is not subjected to any waiting period. The transactions are settled as soon as they are processed. “Gross settlement” means the transaction is settled on one-to-one basis without bunching or netting with any other transaction. Once processed, payments are final and irrevocable.
FINCA Uganda offers this service upon customers’ request.