Updated on 15.03.2011.
Currently there are three fully automated systems in operation at the Bank of Latvia used for inter-bank settlement in lats and euro, and which are harmonised with EU requirements.
A real time gross settlement system (SAMS) was launched on September 8, 2000. SAMS is designed for large volume, urgent payments related to inter-bank market transactions, open market and other Bank of Latvia monetary policy operations. The system enhances risk control and is an effective tool for the implementation of monetary policy. It has a positive impact on economic activities both in domestic and foreign markets.
On 19 November 2007, the interbank euro payment system TARGET2-Latvija, one of the 21 components in Trans-European Automated Real-time Gross settlement Express Transfer System TARGET2, started its operation. The operation of TARGET2-Latvija is ensured by the Bank of Latvia in conjunction with other authorized banks of the European System of Central Banks.
The Electronic Clearing System (EKS) is the net settlement system of the Bank of Latvia that was launched on 17 November 1998, replacing the previous paper-based clearing system, and is used for handling retail payments. The EKS can be regarded as an ACH (automated clearing house) system where payment handling is fully automated and only electronic documents are accepted and processed.
The EKS is the largest retail payment handling system in Latvia that ensures fast, efficient and low-cost settlements in lats and euro. The EKS commenced the handling of retail payments in euro in January 2008, giving an opportunity to settle domestic customer payments in euro within one business day - similar to payments settled in lats. As of 9 November 2010 EKS euro is SEPA compliant system, which ensures its participants' capability to send and receive euro payments within the SEPA area – EU countries, Iceland, Liechtenstein, Norway, Switzerland and Monaco.
At the beginning of each month the Bank of Latvia publishes the Bank of Latvia Interbank Payment System Statistics.