Central Bank of Iceland picks SIA for payments overhaul
RTGS revamp will see a single system handle both high- and low-value payments
The Central Bank of Iceland (CBI) has appointed SIA to help it overhaul the country’s real-time gross settlement (RTGS) system, in a move that will see it take responsibility for a new instant retail payment system.
The system includes a few innovations. First, it is unusual for a central bank to manage real-time retail payment systems in-house – they are normally operated by external providers. In Iceland’s case, the central bank owns retail payment netting company Greiðsluveitan.
Second
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