Latvian central bank unveils instant payments system
System is first to be compatible with Single Euro Payments Area project, says bank
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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