Reykjavík
13 April 2017
Reporter: Stephanie Palmer

SIA to provide Icelandic payments update


The Central Bank of Iceland (CBI) has selected technology infrastructure provider SIA to implement and support its new real-time gross settlement system and instant payment platform.

Due to go live in 2018, the new technology systems will replace CBI’s current mainframe-based solutions for high- and low-value payment systems, which have been in place since 2001.

For SIA, the mandate represent its first implementation of an instant payment system managed entirely by a central bank.

The project will also involve Perago, a wholly-owned subsidiary of SIA that specialises in solutions for central banks.

Perago will provide its real-time gross settlement system, which will be integrated with its Instant Payment and Payhub solutions.

CBI will also move to a single system that has the capabilities to process different types of payments in different ways, while ensuring that transactions can be exchanges using a single domestic messaging standard.

According to the bank, the technology upgrade is part of a move towards a more strategic, modern and cost-effective infrastructure. CBI manages all inter-bank payments in Iceland, processing up to a million payments per day, with a peak of 160,000 per hour.

Guðmundur Tómasson, director of financial market infrastructure at CBI, said: “We look forward to using SIA’s systems, which will also enable us to cooperate closer with our Nordic neighbors in this field.”

Massimo Arrighetti, CEO of SIA, added: “We are honored to have signed this agreement with CBI, confirming us as leading provider for central banks in the Nordic region after Sweden, Norway and Denmark.”

SIA technology is now used in 15 central banks across Europe, Africa the Middle East and Oceania.

More news
The latest news from Asset Servicing Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Ogier boosts their firm’s partnership
22 August 2017 | George Town | Reporter: Jenna Lomax
Huckle and Dryden were both previously part of the Cayman investment funds team and will take the firm’s global partnership to 54
ISDA: Transition period essential for post-Brexit derivatives trading
21 August 2017 | New York | Reporter: Stephanie Palmer
The International Swaps and Derivatives Association has urged UK and EU regulators to implement transitional provisions for derivatives trading after Brexit
SimCorp sees extension of Danish mandate
21 August 2017 | Copenhagen | Reporter: Stephanie Palmer
Danish asset manager C WorldWide Asset Management Fondsmæglerselskab has extended its SimCorp Dimension licence agreement to include the Data Warehouse Manager and the SimCorp Coric client communications tool
Liquidnet expands its EMEA team
18 August 2017 | London | Reporter: Jenna Lomax
Strobel will report to Bob Garrett, who is head of technology and based in the New York office
TPAs and managers looking to outsource fintech
18 August 2017 | London | Reporter: Jenna Lomax
Global third-party administrators and asset managers are looking to outsource financial technology at an increasing rate, according to Domenic Ionadi, strategic account manager at Confluence
Boeing and JCP name Northern Trust as global custodian
17 August 2017 | Chicago | Reporter: Jenna Lomax
The Boeing Company has mandated Northern Trust to act as global custodian for its €54 billion defined contribution retirement plan
Whitebox Advisors chooses Broadridge suite solution
17 August 2017 | New York | Reporter: Jenna Lomax
Whitebox Advisors has mandated Broadridge Financial Solutions to transform its technology platform into a fully integrated, hedge fund operation
More news