A leading Asian central bank launched a strategic initiative to modernise its national financial infrastructure. The programme focused on two critical systems: a next-generation Messaging Service and a renewed Real-Time Gross Settlement (RTGS) platform. The objective was to strengthen resilience, improve efficiency and align with international standards, ensuring that the country's financial ecosystem remains robust and ready to support future market developments.
When critical payment infrastructure starts showing its age
A detailed gap analysis identified significant weaknesses in both the existing Payments Engine and Messaging Gateway. The RTGS platform lacked capabilities that are considered standard in modern payment infrastructures, including advanced liquidity management, real-time monitoring, interoperability features and end-to-end transaction traceability. The underlying technology also presented growing risks due to its ageing architecture, unsupported components and dependence on proprietary formats.
The messaging environment faced similar challenges. The use of an outdated Messaging Gateway and proprietary message standards limited interoperability with external networks and prevented adoption of ISO 20022. Integration with SWIFT and ancillary systems was complex, creating operational inefficiencies and increasing compliance challenges.
At the same time, performance limitations reduced the system's ability to scale with growing demands, while governance, incident management, change management and risk controls required further maturity to support a critical national financial infrastructure. Modernisation had become essential, not only to reduce systemic risk, but also to enable future innovations such as instant payments and greater cross-border interoperability.
We knew that standing still was not an option. The risks were clear, and the opportunity was even clearer. - Senior Executive, Central Bank
A vision for a more resilient and future-ready payment system
The central bank set out to modernise its RTGS and messaging infrastructure to meet future regulatory and operational requirements while establishing a clear target architecture and operating model for its critical payment systems.
The programme aimed to improve resilience, strengthen operational continuity, enhance compliance with international standards and create a scalable platform capable of supporting future market needs.
The programme aimed to improve resilience, strengthen operational continuity, enhance compliance with international standards and create a scalable platform capable of supporting future market needs. It also sought to establish a practical roadmap that would guide a multi-year transformation programme from strategy through implementation.
Turning a complex transformation into a clear plan
Projective Group worked alongside the central bank as a strategic partner throughout the assessment, design and procurement phases of the programme. Our role was to bridge the gap between technical complexity and executive decision-making, ensuring that technology choices remained aligned with strategic, regulatory and operational objectives.
We delivered a comprehensive assessment of the existing RTGS and messaging landscape, developed future-state architecture options, defined the target operating model and created a phased roadmap for transformation. In parallel, we supported procurement activities by developing the vendor evaluation framework, facilitating proposal assessments and advising stakeholders throughout the selection process.
From assessment to roadmap: building the case for change
Our approach combined deep payments expertise with close stakeholder collaboration. We worked with more than 20 stakeholders across business, operations and technology teams to understand priorities, gather requirements and align strategic objectives with implementation realities. Through diagnostics, simulations, risk assessments and benchmarking against modern RTGS environments, we conducted a comprehensive review of the existing infrastructure and identified the key gaps that needed to be addressed.
Our approach combined deep payments expertise with close stakeholder collaboration.
Building on these findings, we defined future-state business and technical architecture options for both the RTGS platform and Messaging Service. The design was informed by more than 400 industry and stakeholder requirements and aligned with international standards and best practices.
To support delivery, we developed a phased transformation roadmap that balanced long-term ambition with practical implementation considerations. We also designed a structured procurement and evaluation approach that combined technical, commercial and qualitative criteria, enabling the central bank to assess and compare potential solution providers effectively.
Creating a clear path to the next generation of payments
The engagement provided the central bank with a clear foundation for the next phase of its modernisation journey. We delivered a target architecture and operating model for both the RTGS and messaging environments, together with a structured roadmap that became the foundation of the 2025-2029 transformation programme. The work also strengthened governance, improved alignment across internal and external stakeholders and increased confidence in the programme's direction and delivery approach.
As part of the procurement phase, the central bank successfully published Requests for Proposal (RFPs) for both the Messaging Gateway and RTGS solutions. Through a structured evaluation process, technology partners were selected for each platform, providing a clear path towards implementation.
The programme positions the national financial infrastructure for greater resilience, scalability and innovation. It enables future adoption of ISO 20022, improves interoperability with global payment networks and establishes the foundations required to support future payment capabilities, including instant payments.
This initiative has given us confidence that our financial system can withstand future challenges while embracing innovation. - Steering Committee Member
Conclusion: Ready for the future of real-time payments
By combining strategic vision with practical execution, the central bank now has a clear path to modernise its national payment infrastructure. The programme delivered more than a technology strategy. It established the architecture, governance, roadmap and partnerships required to support a new generation of RTGS and messaging capabilities.
With a clear target state and selected technology partners in place, the organisation is well positioned to strengthen resilience, improve interoperability and support future innovation across its financial ecosystem.
Over Projective Group
Established in 2006, Projective Group is a leading financial services consultancy. We are recognised across the European industry for turning complex challenges and emerging themes into clear, pragmatic solutions. With deep roots and trusted relationships in financial services, we bring hands-on expertise across key domains.
We support the full journey of change: shaping strategy, delivering complex transformation or building long-term capability through managed services, staffing and training. Our purpose is simple: to empower financial services to shape the future of wellbeing, prosperity, and innovation.
