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 red

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