Central Bank of Iceland, SIA launch interbank payment system

Friday 27 November 2020 11:38 CET | News

The Central Bank of Iceland (CBI) and SIA have gone live with the new real-time gross settlement system (RTGS) and the new instant payment platform.

SIA is a European hi-tech company in payment services and infrastructures, controlled by CDP Equity. As a result of the announcement, CBI can rely on a modern infrastructure for its high and low-value payment systems and is able to cooperate closer with other Central Banks.

Currently, the Central Bank of Iceland processes a significant daily volume of transactions - up to 1 million payments with peaks of 160,000 per hour - despite the small population of just over 365,000 inhabitants, according to the official press release. The new system has been developed to manage up to 5 million payments per day and each transaction is on average processed in less than 40 milliseconds.

Overall, the platform developed by SIA helps the bank process all types of payments (Bank to Bank, P2P, P2B and B2B) resulting in a consolidated operating model and in a higher level of efficiency in the country.

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Keywords: Bank to Bank, P2P, P2B payments, B2B payments, real time payments, interbank payments system, partnership, Central Bank of Iceland, SIA
Categories: Banking & Fintech
Countries: Iceland
This article is part of category

Banking & Fintech