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
OFI AM and SETL become shareholders of IZNES
23 February 2018 | Paris | Reporter: Jenna Lomax
OFI AM and SETL have been joined as shareholders of IZNES by five asset management companies
Klesia Finances goes live with NeoXam’s Density solution
23 February 2018 | Paris | Reporter: Jenna Lomax
According to Klesia, Density will assist it in facing the current French and European regulatory landscape
EBA Clearing’s RT1 hits 500,000-transaction-mark
23 February 2018 | London | Reporter: Jenna Lomax
The RT1 system passed the transaction milestone on 19 February
Liz Daniels joins FCA
23 February 2018 | London | Reporter: Becky Butcher
The Financial Conduct Authority has appointed Liz Daniels as policy advisor
Gen II exceeds $175 billion in assets under administration
23 February 2018 | New York | Reporter: Becky Butcher
Gen II Fund Services has revealed that its assets under administration have exceeded $175 billion
SANNE hires Hannah Correll Jaeger
22 February 2018 | New York | Reporter: Becky Butcher
SANNE has appointed Hannah Correll Jaeger as head of client relationship management for the Americas to support the company’s growth
Benelux trio set to strengthen collaboration on blockchain
22 February 2018 | Brussels | Reporter: Becky Butcher
B-Hive, the Luxembourg House of Financial Technology and the Dutch Blockchain Coalition have signed a memorandum of understanding to strengthen further collaboration in blockchain within the Benelux region
More news