Norway’s Norges Bank has secured a contract with Italy’s SIA for the delivery and implementation of a new technical platform for a Real Time Gross Settlement System (RTGS).
Financial solutions provider SIA said it will replace the bank’s internally developed payment settlement system with a second generation product capable of expanded functionality and meeting international best practices.
The new system is expected to allow Norges Bank a continued fulfilment of the BIS (Bank for International Settlement). The new system will be linked to the SCP (Scandinavian Cash Pool), where the cross-currencies liquidity among Norway, Sweden and Denmark is managed.
Implementation is expected to begin this month and the project will cover the replacement of the existing RTGS and integration with the national financial system adopting the advanced technologies.