Central Bank of Iceland deploys new RTGS with SIA
The Central Bank of Iceland (CBI) has gone live on a new real-time gross settlement system (RTGS) from SIA.
Central Bank of Iceland now has a system capable of handling 5m payments a day
The Italian infrastructure firm says CBI can now benefit from “a more strategic and modern infrastructure.”
CBI processes around 1 million payments per day, and 160,000 per hour. The new SIA system manages up to 5 million payments per day.
“An efficient and secure payment system is one of the prerequisites for smooth, normal business transactions in a modern economy,” says Sturla Pálsson, director at CBI.
“We need to use the best available tools at all times. We are delighted with the implementation of the new interbank payment system from SIA.”
Iceland is a member of the P27 payments project, which aims to establish “the first integrated region for domestic and cross-border payments across multiple currencies.”
The scheme is still subject to regulatory approval.
Eugenio Tornaghi, marketing and sales director at SIA, says the deal shows its “strong partnership with central institutions.
He adds: “SIA is continuously using its innovation capabilities to extend the opportunities for central institutions to target new frontiers of instant payments.”
SIA secured a market infrastructure deal with the European Central Bank earlier this week.
Related: Nexus and Nets create Europe’s largest payments firm by volume
