The Central Bank of Chile has completed the implementation of Logica's multi-currency, real-time gross settlement (RTGS) system, it was announced at the annual Sibos conference in Hong Kong.
The central bank has been using Logica's Central Accounting System to settle payments in Chilean pesos since 2004. With this latest upgrade, it is now able to settle payments between banks and corporates in mutliple currencies and can apply this service to both Swift and non-Swift participants.
"The central bank's foresight in recognising a growing requirement for multi-currency RTGS is proof of the crucial role it plays in facilitating the functioning of the Chilean economy," says Tim Brew, market development director at Logica.
Banco Central De Chile is the third central bank to have implemented Logica's multi-currency RTGS product and, says Brew, he expects more central banks to sign up as they upgrade their infrastructure to support multi-currency payments settlement as a direct result of globalisation.