The National Bank of Serbia has gone live with an integrated real-time gross settlement (RTGS) and clearing interbank system from Stockholm-based CMA Small Systems.
CMA says the integrated software will enable the bank to provide an increased number of payment instructions and clearing transactions. Participant banks can connect to the central bank payment system through private networks or via the interbank Swift network.
Based on the vendor's Processware Integration Environment (Pie) technology, the combined system provides risk management, monitoring and control and can be integrated into the capital market infrastructure.
The new applications replace a government controlled centralised payments infrastructure. National Bank of Serbia says the conversion to a modern payment system took five months from vendor selection to full implementation.
Per Häggdahl, CMA’s regional manager, says the system enables participant banks and financial institutions to make secure, high-value, real-time payment transactions across the country.
He adds that with the new payments infrastructure, Serbia meets modern international payment system standards.
The vendor has installed similar systems for the National Bank of Azerbaijan and the National Bank of the Republic of Macedonia over the last two years.