Sweden's central bank signs with SIA for Perago RTGS system

Sweden's central bank signs with SIA for Perago RTGS system

Sweden's central bank Sveriges Riksbank has contracted with Italian IT provider Società Interbancaria per l'Automazione (SIA) for the delivery and implementation of a real time gross settlement (RTGS) system, which will be supplied by South African-based Perago Financial System Enablers.

Under the deal, the bank's proprietary RIX application, which currently processess a daily turnover equal to around 1/6 of the Swedish GDP, will be replaced with the Perago:rtgs network.

SIA acquired a 30% stake in Perago Financial System Enablers earlier this year.

Roll out of the new system will begin this month and is expected to be complete in the first quarter of 2007.

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