Link and Settle
Overview
The Link and Settle service enables instant settlement of two currencies between participants after a trade has been agreed. It is the settlement of two payment instructions by the Funds Controller resulting from a single FX trade.
FX rates are typically agreed in advance using FX Quotes or via an external agreement.
Process
- Two participants execute and confirm a trade
- Each sends a settlement request to RTGS.global containing a shared
LinkIdentifier - RTGS.global links the two requests using the
LinkIdentifier - Debits and credits are applied to network and underlying accounts at the respective Funds Controllers
- Participants receive
camt.054notifications confirming the settlement - Network balances update in real time
info
LinkIdentifiers must not contain any personal information, financial data, commercially sensitive information, or credentials.
Payment Status Notifications
Every status change publishes a pacs.002 notification.
| ISO Status | Proprietary Reason | Description |
|---|---|---|
PDNG | LinkPending | Your request received, awaiting counterparty |
PDNG | LinkRequest | Counterparty request received, awaiting your submission |
ACSP | LinkCreated | Both requests linked, settlement in progress |
ACCC | LinkSettled | Settlement complete |
RJCT | Various | Request permanently rejected |
Insufficient Funds
When a participant has insufficient funds to complete settlement, the request enters a retry queue. It remains pending until either:
- A credit to the account triggers a successful settlement attempt, or
- The requests are cancelled by the respective participants — see Cancel a Link and Settle