Central Bank of Iceland goes live with new interbank payment system

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The Central Bank of Iceland (CBI) and SIA, a European hi-tech company in payment services and infrastructures, have gone live with the new real-time gross settlement system (RTGS) and the new instant payment platform.

The new payments system is a more strategic and modern infrastructure and enables closer cooperation with other central banks.

CBI manages all interbank payments in the country: it currently processes up to one million payments with peaks of 160,000 per hour despite the small population of just over 365,000.

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