Introduction

In today’s financial ecosystem, speed alone no longer defines innovation. Around the world, clearing and settlement systems are evolving beyond instant transfer capabilities to focus on what truly sustains financial markets: real-time liquidity control. Across central banks and market infrastructures, the focus is shifting from “how fast funds can move” to “how precisely liquidity can be orchestrated.”

From Transaction Velocity to Real-time Liquidity Management

Global real-time payment transactions surged to 266 billion in 2023, a 42% year‑on‑year increase. Yet behind this exponential growth lies a structural challenge: sustaining liquidity around the clock, across thousands of institutions and multiple currencies. Traditional end‑of‑day liquidity models are no longer sufficient in this 24/7 environment. Leading banks note that real‑time systems require new models of intraday liquidity, as buffers once calculated daily must now be recalibrated continuously.

For central banks, this marks a shift from passively supervising settlement liquidity to actively managing it in real time. Modern infrastructures must therefore combine transaction speed with real time liquidity management: forecasting needs, identifying stress points, and optimizing reserves dynamically. In practice, forecasts leverage ISO 20022 enriched transaction metadata, RTGS gridlock‑resolution signals, and scheme‑specific tools such as TIPS liquidity buffers and automated limit sweeps to calibrate intraday positions.

APAC at the Forefront

No region illustrates this transition more vividly than Asia-Pacific (APAC), now the world’s largest real-time payments market. In 2023 alone, APAC processed over 185.8 billion real-time transactions — a figure projected to nearly double to 351.5 billion by 2028. Central banks from Singapore to Malaysia and Indonesia are leading this evolution. Indonesia, for example, now ranks #8 globally and #3 in APAC for real-time payments growth, processing nearly 2 billion transactions in 2023 and accelerating at a remarkable 44.6% compound annual growth rate (2023–2028). This steady expansion underscores how instant payments have rapidly become an integral part of Indonesia’s financial ecosystem and will continue to do so.

But it’s what’s happening beneath the surface that’s most transformative: these same infrastructures are integrating real‑time liquidity monitoring, stress forecasting, and dynamic reserve control. Montran’s regional work reflects this shift — supporting central institutions as they move from transaction speed to systemic liquidity assurance. In India, Montran powers RTGS liquidity management for Reserve Bank of India (RBI), demonstrating at‑scale precision in a 24/7 environment. This new generation of clearing systems doesn’t just process payments faster — it enables policy agility, enhances transparency, and fortifies financial stability.

Learning Across Regions: Europe and the Middle East

The lessons extend beyond APAC. In Europe, where instant payments now complement systems like TIPS and TARGET, central bankers have observed that increased instant payment volumes and the removal of single‑transaction limits heighten the need for enhanced liquidity mechanisms. Meanwhile, in the Middle East, the value of real‑time payments is projected to quadruple from US $230 billion in 2023 to US $903 billion by 2028. Such rapid scaling demands infrastructure designed not just for high throughput, but for sustained liquidity synchronization across regional payment networks.

Together, these developments reaffirm a universal truth: real‑time control must evolve hand‑in‑hand with real‑time payments.

The Future of Clearing: Precision as Policy

The next frontier of financial infrastructure is not defined by how fast payments move, but by how predictably liquidity flows. Real‑time forecasting, cross‑system data sharing, and liquidity optimization are no longer operational luxuries — they are becoming policy priorities. Precision in liquidity management enhances systemic resilience, supports financial inclusion, and drives the competitiveness of national payment ecosystems. As clearing systems modernize, liquidity precision will increasingly define financial credibility — not just for institutions, but for economies.

A Unified Vision for Real‑Time Control

For over four decades, Montran has partnered with central banks and IPS Operators to build infrastructures that unify national and cross‑border payments. The insight is clear: the infrastructures that endure are those that evolve — continuously embedding real time liquidity management at their core. Across APAC and beyond, Montran continues to help financial ecosystems achieve real‑time visibility, stress management, and network‑wide liquidity assurance — enabling central banks to maintain stability in motion.

Because in the era of instant value, the future of clearing isn’t just real‑time — it’s real control.

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