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Source: Central Bank of Iceland

A new interbank payment system will be brought into use in Iceland on the evening of Friday 23 October. A large share of the financial transfers undertaken by individuals and companies in Iceland — i.e., debit card transactions and regular transfers of funds — are routed through the system, which services banks and financial institutions. The system, which is owned by the Central Bank of Iceland, will take over the role both the Central Bank’s real-time gross settlement system and the Greiðsluveitan netting system, also owned by the Bank.

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