Central Bank of Iceland selects SIA for real-time gross settlement system.
M2 EQUITYBITES-April 12, 2017-Central Bank of Iceland selects SIA for real-time gross settlement system
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The Central Bank of Iceland (CBI) has chosen SIA - European hi-tech company, in payment infrastructures and services - to implement and support the new real-time gross settlement system (RTGS) and the new instant payment platform, the company said.
These technology infrastructures developed by SIA, planned to go live in 2018, will replace CBI's current mainframe-based real-time solutions for high and low-value payment systems, which have been operating since 2001. SIA will use its wholly owned subsidiary Perago, based in Pretoria (South Africa), specialized in central bank solutions.
Central Bank of Iceland manages all interbank payments in the country. Despite the small population, it processes a quite significant daily volume of transactions: up to 1m payments with a peak of 160,000 per hour. CBI has decided to move towards a more strategic, modern and cost-effective infrastructure.
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