Banco Central De Chile Implements Logica's Multi-Currency RTGS Solution
Logica has announced that the Central Bank of Chile has successfully deployed a multi-currency real-time gross settlement (RTGS) solution, based on Logica’s Central Accounting System (CAS). With this implementation, Banco Central de Chile is now able to settle payments between participant banks and companies in foreign currencies, as well as in the Chilean peso. Additionally, it is able to settle payments between both SWIFT and non-SWIFT participants, making the central bank one of few globally to have such capabilities.
The bank first implemented Logica’s RTGS system in 2004 to settle payments in Chilean pesos. Installed at the central bank’s headquarters in Santiago, this formed the cornerstone of the country’s banking infrastructure for five years. Based on the central bank’s requirement to automate the settlement of foreign currency payments, it sought to upgrade its existing RTGS infrastructure. With this upgrade, the Chilean central bank also required a solution that would automate the multilateral net settlement of the results of other payments systems. Banco Central de Chile opted to upgrade its Logica CAS solution.
Following extensive testing, the bank’s upgrade of CAS went live in August of this year, making it the third central bank to have implemented the Logica solution.