The new payments technology infrastructure is expected to manage four currencies - Euro, US Dollar, Israeli Shekel and Jordanian Dinar
Perago, an Italy-based SIA-SSB Group company specializing in infrastructures for central banks, has announced that it has won the tender issued by the Palestine Monetary Authority (PMA), to design and develop the new interbank payments technology infrastructure in Palestine.
Reportedly, this infrastructure is expected to enable the efficient clearing and settlement of payments within the banking system in Palestine. It provides a platform for the development of the financial services industry to the benefit of the entire Palestinian business community.
According to Perago, the new payments technology infrastructure envisaged for Palestine will be capable of processing both wholesale and retail payments, offering RTGS (Real-Time Gross Settlement) as well as retail payments clearing functionalities, within the same system.
The company has claimed that the integration of these two requirements will be compliant with the recent guidelines issued by the World Bank, aimed at promoting the concept of a single platform for the clearing and settlement of interbank payments within a national economy characterized by limited volumes (ATS – Automated Transfer System). Perago has said that the infrastructure will manage all four currencies currently accepted – Euro, US Dollar, Israeli Shekel and Jordanian Dinar – with a daily average of around 10,000 payments.
Renzo Vanetti, CEO of SIA-SSB and chairman of Perago, said: “The clearing and settlement system that Perago will deliver to the PMA takes on a strategic significance: from a business perspective, a state-of-the-art payments infrastructure is a crucial asset in the success of economic development and international cooperation, contributing the creation of the keenly anticipated free-trade area.”
Philip Tromp, CEO of Perago, said: “The initiative in Palestine will provide a strong backbone to the economy, giving certainty and finality to financial transactions and enabling the introduction of electronic payment instruments by the banks, for their customers.”