National Bank of Romania live with SIA RTGS system

National Bank of Romania live with SIA RTGS system

The National Bank of Romania has gone live with a real time gross settlement (RTGS) system supplied by Italy's Società Interbancaria per l'Automazione (SIA).

SIA says development of the interbank payment system began in January 2003.

The EUR7.2m project was funded the European Phare programme, which aims to support countries in Central and Eastern Europe in their preparations for joining the European Union.

The RTGS system went live in April 2005 and now handles a daily average of 3500 transactions, while the automated clearing house (ACH) went live in May.

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