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A new white paper from Mathieu Baudet, George Danezis and Alberto Sonnino — a trio affiliated with Facebook’s Novi wallet — says a proposed payment system targeting real-time gross-settlement functionality would be multiples faster than the Visa system.
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“Real-time gross settlement systems are the backbone of modern financial systems,” according to the paper. “Commercial banks use them to maintain an account with central banks and settle large value payments.” But RTGS systems are limited in their capacity making them unsuitable for settling low-value high-volume retail payments directly.
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