Published on Thursday, 3, February, 2011 at 8:42 in Financial News
The Central Bank of Malta has joined the Cash SSP
The Central Bank of Malta has joined the Cash SSP (The Cash Single Shared Platform), becoming the eighth Eurosystem national central bank that will be using this leading Logistical Cash Management IT System. This system is also operational at the central banks of Belgium, the Netherlands, Luxembourg, Finland, Ireland, Cyprus and Latvia. The Central Bank of Malta’s accession to Cash SSP means that it will not need to invest in its own system. At the same time, this represents a further step in the harmonisation of currency supply throughout the Eurosystem.
Cash SSP, which is designed for cash operations, makes extensive use of modern information technology to handle the exchange of notes and coins with the commercial banks and to automate the process for the announcements for lodgements and withdrawals of currency. It offers a complete functionality to track the lodged and withdrawn currency and offers interfacing with existing banknote processing (sorting) machines, general ledger applications, accounting systems and local and global payment systems.
Cash SSP currently supports a number of ESCB functions such as reporting through the European Central Bank (ECB)’s Currency Information System, EXDI (data exchange between National Central Banks) and the ECB’s DECS system (the European Data Exchange for Cash Services for cross border and bulk transports).
The letter of intent was signed by Mr Michael C Bonello, Governor of the Central Bank of Malta at the ECB headquarters in Frankfurt on 15 December 2010.
The Central Bank of Malta has joined the Cash SSP
The Central Bank of Malta has joined the Cash SSP (The Cash Single Shared Platform), becoming the eighth Eurosystem national central bank that will be using this leading Logistical Cash Management IT System. This system is also operational at the central banks of Belgium, the Netherlands, Luxembourg, Finland, Ireland, Cyprus and Latvia. The Central Bank of Malta’s accession to Cash SSP means that it will not need to invest in its own system. At the same time, this represents a further step in the harmonisation of currency supply throughout the Eurosystem.
Cash SSP, which is designed for cash operations, makes extensive use of modern information technology to handle the exchange of notes and coins with the commercial banks and to automate the process for the announcements for lodgements and withdrawals of currency. It offers a complete functionality to track the lodged and withdrawn currency and offers interfacing with existing banknote processing (sorting) machines, general ledger applications, accounting systems and local and global payment systems.
Cash SSP currently supports a number of ESCB functions such as reporting through the European Central Bank (ECB)’s Currency Information System, EXDI (data exchange between National Central Banks) and the ECB’s DECS system (the European Data Exchange for Cash Services for cross border and bulk transports).
The letter of intent was signed by Mr Michael C Bonello, Governor of the Central Bank of Malta at the ECB headquarters in Frankfurt on 15 December 2010.