Norges Bank signs for SIA RTGS system

Norges Bank, the Central Bank of Norway, has signed a contract worth EUR3.5 million with Italy's Società Interbancaria per l'Automazione (SIA) for the supply and implementation of a real time gross settlement (RTGS) system.

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Norges Bank signs for SIA RTGS system

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SIA says its RTGS technology will replace the bank's internally developed payment settlement system with a second generation application that conforms to international best practices.

The new system will also be linked to the Scandinavian Cash Pool (SCP), where the cross-currencies liquidity among Norway, Sweden and Denmark is managed.

Under the deal SIA will also provide the bank on-going maintenance and support for the RTGS system for next six years.

The system uses technology developed by SIA-controlled subsidiary Perago of South Africa. SIA acquired a majority interest in Perago last year, a month after the two firms scooped a contract to develop a new RTGS system for Sweden's Riksbank.

Roll out of the Norwegian platform is scheduled to start this month and will be completed in February 2008.

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