RTGS Global, the cross-border liquidity network, has appointed an advisory board to guide the business as it navigates the delivery of stage one of its network.
RTGS Global was set up by Nick Ogden, founder of Worldpay and ClearBank. It is designed to bring the benefits and transparency of real-time domestic gross settlement to a global level.
The first advisors to be announced are Phil Kenworthy and Dr Ruth Wandhöfer, with more to be revealed in the coming weeks. This announcement follows news in June that RTGS Global has hired ex-Citi EMEA CEO, Jim Cowles, as executive director.
Dr. Wandhöfer is an international banking and regulatory expert and author. After more than a decade with Citi, she was an independent Non-Executive Director on the board of the London Stock Exchange Group and Pendo Systems Inc. She worked in numerous board and advisory roles for KPMG, Coinfirm and Digital Identity Net Ltd, and is a Partner at Gauss Ventures.
“The global cross-border payments infrastructure has long been in need of improvement. I am therefore excited to be working with RTGS Global, to help shape the global payments solution of the future and in doing so being able to realise our vision for a fit-for-purpose cross-border payments network,” said Dr. Ruth Wandhöfer.
Mr Kenworthy has worked in payments and financial services for over 30 years, with considerable experience of working with the regulatory community.
After nine years at CHAPS Clearing Co, first as a Non-Executive Director and then as CEO, in 2015, he started Payment Systems Consultancy Ltd, an advisory company specialising in payments and settlement. Phil is also a Non-Executive Director of ClearBank, a Member of the UK Access to Cash Panel.
“The legacy correspondent banking system with its requirements for inter-bank pre-funding, elongated payment timescales and the lack of visibility from end originator through to end beneficiary is one that is crying out for change,” said Phil Kenworthy. “Until now, this system has lagged behind the disruptive innovation we are seeing in domestic payment markets.”
“Today’s market is witnessing the global ramifications of the Covid-19 pandemic. Prior to this event the FSB and CPMI in their response to the G20, had highlighted that the global financial services industry required new, technology-driven solutions that make interbank liquidity auditable and visible. In doing so every financial transaction can be made based on fact,” explains Nick Ogden.
“The RTGS.global network was specifically designed to deliver the global solution to liquidity visibility. I am delighted to work with our highly experienced advisory board who are focused on assisting with developing the capabilities of our technology in our ongoing discussions with commercial banks and regulators around the world.”