Banco Central de Chile (BCC) - Chile's central bank - has gone live with a national real time gross settlement (RTGS) platform, supplied and implemented by LogicaCMG.
The national RTGS system will allow banks in Chile to make secure inter-bank payments throughout the country.
LogicaCMG says the RTGS infrastructure reduces risk by settling individual payments in real-time across settlement accounts at the central bank. Payments are settled on a transaction-by-transaction basis as soon as funds are available. Payments for accounts containing insufficient funds are queued at the central bank until funds are available.
Camilo Carrasco Alfonso, BCC's general manager, says: "With this RTGS project we have implemented a national payments infrastructure for Chile that is compliant with the most sophisticated international standards."
The Chilean RTGS system went live on 2 April 2004 and successfully processed payments worth over US$1 billion on its first day of operation.