The Central Bank of Iceland has introduced instant payments to the country.
The new real-time gross settlement system (RTGS) has gone live.
The system has been developed to manage 5mn payments per day.
It processes transactions in under 40 milliseconds.
What does this mean?
The Central Bank of Iceland currently manages all payments between banks in the country, dealing with about one million payments per day, so the infrastructure shoul dbe able to handle even large influes. It will be able to deal with business, bank to bank and peer to peer transactions.