Real-time gross settlement: each payment instruction is settled individually and with immediate finality across accounts at the central bank, rather than being accumulated and netted for settlement at intervals. Because settlement is gross, the sending participant needs funds or intraday liquidity for the full amount at the moment of settlement, which is why these systems carry large-value and time-critical payments. It is a category of system rather than one system: each jurisdiction runs its own, with its own operating hours, membership criteria, cut-off times, charges and rules on finality and on queued payments. So “sent by RTGS” means different things in different countries — confirm the hours and the cut-off that apply to your currency.
Why this entry carries no source list. This is a product category or an official document type rather than a defined term. What it covers or attests is set by the policy wording, the facility terms, or the requirements of the country demanding it — and those differ by insurer, by bank and by jurisdiction. Naming one provider’s brochure as the authority would dress a single firm’s practice as a general rule. Read the wording you are actually being offered.