Central Bank of Iceland rolls out instant payments platform

The Central Bank of Iceland (CBI) has implemented a new real-time gross settlement system (RTGS) and instant payment platform that will allow it to manage up to 5m interbank, P2P, P2B and B2B payments a day.

The introduction of the platform will mean “each transaction is on average processed in less than 40 milliseconds,” according to technology provider SIA.

The CBI currently processes up to 1m payments a day with peaks of 160,000 transactions per hour.

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