Central Banking

Iceland prepares new interbank payment system for launch

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The Central Bank of Iceland is about to launch a major upgrade of its core payments infrastructure, as a new netting and high-value settlement system goes live on October 23.

The central bank already operates a real-time gross settlement (RTGS) system for high-value payments and a netting system for smaller retail payments. The new system, developed by Perago, a subsidiary of SIA, will replace both systems.

The new system will offer settlement of payments of at least 10 million Icelandic krona

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