SWIFT, a global provider of financial messaging services, has integrated the real-time gross settlement system (RTGS) from the Central Bank of Uruguay, helping bolster the Latin American (LATAM) country’s financial markets in a bid to entice foreign investment, per a SWIFT statement.
SWIFT currently works with a number of central banking units in LATAM and is now supporting Uruguay as it looks to help promote foreign investment to its economy. The implementation of the RTGS system also helps strengthen efficiently, thereby tempering operational risk for all players, revelations that are very receptive to foreign players.
Moreover, the harmonization of Uruguay’s central bank also helps bring a unified international standard to the country, which will also help streamline payments on a domestic scale, in additional to abroad.
According to Juan Martinez, Managing Director, LATAM and the Caribbean, SWIFT: “SWIFT is pleased to support Uruguay’s Central Bank as they take the right measures to boost efficiency and reduce operational risk. The harmonization of payment systems based on international standards is a critical enabler to help local players stay at the forefront of the market’s globalization.”
According to a recent statement from the Central Bank of Uruguay: “The implementation of this system is another example of the Bank’s steadfast commitment to strengthen the country’s competitive position in the local and international markets. By adhering to international standards and minimizing operational risk the Bank is better equipped to serve all the market participants and further growth.”