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SIA to Supply Real-Time Gross Settlement System to Denmark

SIA, the European hi-tech company, has strengthened its position in the Nordic countries, by providing Danmarks Nationalbank with the new real-time gross settlement system (RTGS) that connects banks, mortgage banks and settlement systems. This RTGS platform is already in operation by the central banks of Norway and Sweden and it will soon go live in Iceland too.

The up-to-date technology infrastructure developed by SIA has replaced the previous in-house system that
has been in use by the Central Bank of Denmark since 2001. The new RTGS system, that secures safe and real-time transfer of Danish kroner, ensures continued efficiency, operational reliability, functional sophistication and simpler maintenance of the system. In this initiative, SIA has used its wholly-owned subsidiary Perago, based in Pretoria (South Africa) and specialised in central bank solutions.

Later this year, Denmark will be the first non-euro country to participate in TARGET2-Securities
(T2S), the centralized European platform for the settlement of domestic and cross-border securities
transactions.

The system has introduced a new innovative set of functionalities that enables the management of the integration with T2S and of liquidity in an automatic way. Moreover, it has allowed for the seamless integration with the instant payment solution.

“This new significant project with the Central Bank of Denmark, after those developed for Norway, Sweden and Iceland, confirms our leadership in the Nordic region in providing state-of-the-art infrastructures for the payment systems – commented Nicola Cordone, Deputy CEO of SIA – We are honoured to have been chosen by 15 central banks across Europe, Africa, the Middle East and Oceania that rely on SIA’s technologies to develop their financial infrastructures”.

Faster, cheaper and more reliable, is the order of the day for emerging payment systems. Anything less would be considered retrograde. To keep up with every new development, stick with us and follow this link

 

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