Central Banking

Egypt to use SIA-SSB payments system

Egypt's central bank picked SIA-SSB, an Italian technology company, to develop its new large-value payments, the company announced at Sibos.

The new system will manage 10,000 payments between 40 banks across accounts at the central bank with a combined value of €3.25 billion, equal to 4.6% of GDP, the company said.

"We awarded the contract to SIA-SSB based on their excellent tack record in similar undertakings, the flexibility and power of their perago rtgs software and the sensible approach th