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What happens if there is an error in an RTGS transaction?

Curious about RTGS

What happens if there is an error in an RTGS transaction?

If there is an error in an RTGS transaction, the affected party should immediately inform their bank. The bank will then investigate the issue and take appropriate action to resolve it. Depending on the nature of the error, the bank may initiate a refund or reversal of the transaction, or they may work with the recipient's bank to rectify the issue. It's important to note that RTGS transactions are generally irreversible, so it's important to ensure that all the details are correct before initiating a transfer.

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