Latvia: Central Bank Introduces New Functionalities to Instant Payments for Innovative Financial Services

On March 28, 2019, the council of Latvijas Banka, the central bank of Latvia, adopted several legal acts to introduce new functionalities to instant payments in an effort to provide innovative financial services.

The central bank’s instant payment infrastructure began operations on August 28, 2017, allowing customers to complete their interbank payments instantly with no need to rely on credit institutions' business hours.

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