To settle payments between participant banks and companies in foreign currencies as well as in the Chilean Peso
Logica, an IT and business services company, has announced that the Central Bank of Chile has deployed a multi-currency real-time gross settlement (RTGS) solution, based on its Central Accounting System (CAS) to automate the settlement of foreign currency payments.
Reportedly, with this implementation, Banco Central de Chile will be able to settle payments between participant banks and companies in foreign currencies, as well as in the Chilean Peso. Additionally, it expects to settle payments between both SWIFT and non-SWIFT participants.
Tim Brew, market development director at Logica, said: “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. We have invested in our solution to ensure it meets the evolving needs of central banks today.