Which of the following attributes of RTGS payments makes them unique?

The attribute that makes Real-Time Gross Settlement (RTGS) payments unique is their typical finality and irreversibility. This means that once an RTGS payment has been processed and settled, it cannot be undone or reversed. This characteristic is critical in the payments landscape, as it assures both parties involved in a transaction that the funds will be definitively transferred with certainty of settlement.

This finality is essential for reducing risk in financial markets, particularly for large-value transactions, where uncertainty could lead to significant financial exposure. The guarantee of irrevocability also ensures that participants can manage their liquidity efficiently, as they can rely on the fact that once a payment is made, it is settled and cannot be retracted.

While the other attributes mentioned, such as settlement duration, complexity of instructions, and central bank involvement, may be relevant in different contexts, they do not capture the defining essence of RTGS payments as effectively as their finality and irrevocability do. Therefore, this characteristic distinguishes RTGS systems and underscores their importance in ensuring secure and efficient transaction processing in the financial ecosystem.