The first stage of a new interbank settlement system has been launched
Eesti Pank concluded the tests of two new interbank settlement systems. The RTGS (Real-Time Gross Settlement System) is used for processing large value payments on a gross basis in real time and the DNS (Designated Time Net Settlement System) for processing retail payments of designated time. Testing has proved the reliability of the new systems. The new systems are in compliance with international standards and accepted best practices. The new systems guarantee high quality of execution of credit orders and enable to accelerate the speed of the settlement of payments.
International and Public Relations Department
The new payment systems serve all Estonian commercial banks and the Estonian Central Depository for Securities. On average over 50,000 payments are processed daily via these systems. The introduction of the two new sub-systems is only the first step in the modernization of Estonian interbank settlement system. The improvement of the interbank settlement system continues. The application of all the features offered by the new systems may take some time because the banks have just begun the adjustment of their systems with the new settlement environment operated by Eesti Pank.