Central Banking

Brazil clearance system up and running

BRAZIL - A new Brazilian bank clearance network designed to increase efficiency and reduce risk in the financial system of Latin America's No.1 economy got off to a smooth start on Monday.

As of Monday, certain cash transfers began to be carried out in real time between banks through a single electronic clearing house called the Brazilian Payments System.

The new network demands financial institutions guarantee the money transfers as they make them, speeding up the movement of cash, slashing

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