Compare operational vs. legal finality timelines across RTGS, real-time, and tokenized payment rails. Quantify the counterparty exposure window — the gap between operational and legal finality — and the credit exposure in dollar terms at any transaction size.
Counterparty exposure window: The time between operational finality (when the sending institution's obligation is discharged on-ledger) and legal finality (when the transaction is irrevocable under the governing legal framework). During this window, a counterparty default could leave the sender exposed.
Tokenized rails: Fnality, RLN, JPM Coin, and mBridge represent the new category of tokenized RTGS and settlement-coin rails where operational and legal finality may coincide — or where new legal frameworks are still being established. These rows are clearly flagged.
Sources: BIS CPMI Red Book, Regulation J (Fedwire), ECB TARGET2 User Manual, Fnality whitepaper, RLN consortium disclosures, JPMorgan Kinexys public materials, mBridge MVP report, SEPA rulebook, NACHA operating rules. Data as of Q2 2026.
Extends Tool 27 (A2A Settlement Finality Comparator) with deeper tokenized rail coverage, the exposure window calculator, and the counterparty exposure memo export.
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