Bank of Latvia establishes first overnight clearing cycle
New cycle will accelerate processing of retail payments submitted late in the day
The Bank of Latvia has launched an upgrade to its electronic clearing system (EKS) that will see an overnight cycle added to the clearing schedule.
From May 5, the new "night-time" cycle will begin to operate, in addition to the current seven euro clearing cycles for interbank retail payments that operate within each business day.
The Bank of Latvia's council approved the necessary amendments to regulations for participation in Latvia's electronic clearing system yesterday.
"The introduction of
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