Central Banking

Brazil's central bank plans new payments system

BRAZIL - The Central Bank of Brazil will put in place a new payments system for large transactions, Sistema de Pagamentos Brasileiro, in 2002, following guidelines from the Basel-based Bank for International Settlements.

Yesterday we reported on another new system, the Brazilian Payments System, which began operation in Brazil on Monday. The new network demands financial institutions guarantee the money transfers as they make them, speeding up the movement of cash, slashing red tape

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