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.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.