Central Bank of Iceland launches instant payments
Central Bank of Iceland has partnered with SIA, a Europe-based payments company to launch real-time gross settlement system (RTGS) and a new instant payment platform.
The collaboration with SIA will help Central Bank of Iceland with “more strategic and modern infrastructure for its high- and low-value payment systems” while also enabling closer cooperation between other central banks.
The press release also noted that with the launch of “new gross settlement system and the new instant payment platform puts the Central Bank of Iceland in a prominent position within the evolution of digital payment infrastructures”. It will help Central Bank to process all sorts of payments including B2B, P2P, P2B and Bank to Bank.
The central bank of Iceland, which handles all interbank payments in the country, currently takes the load of up to 1 million transactions with a peak of 160,000 per hour. With the implementation of the new system, it would be able to handle transactions up to 5 million per day and with 40 milliseconds average processing time per transaction.