Latvian central bank unveils instant payments system

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Latvia’s central bank has started operating what it describes as the eurozone’s first instant payments system compliant with the Single Euro Payments Area (Sepa) project.

Under the instant payments system, non-cash transfers will be provided 24 hours a day, every day of the year, including holidays and weekends, the Bank of Latvia announced on August 28. “Customer payments are executed within a few seconds, and the money received can be reused immediately,” the bank said.

The central bank said

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