Central Bank joins single shared platform

The Central Bank of Malta is the eighth eurozone national bank to join the Cash Single Shared Platform, a leading logistical cash management IT system.

The system is also operational at the central banks of Belgium, the Netherlands, Luxembourg, Finland, Ireland, Cyprus and Latvia.

The Central Bank explained the initiative means it will not need to invest in its own system. It added the move was a further step in the harmonisation of currency supply throughout the eurosystem.

Designed for cash operations, the platform 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It offers complete functionality to track the lodged and withdrawn currency and offers interfacing with existing banknote processing machines, general ledger applications, accounting systems and local and global payment systems.

The letter of intent was signed by Central Bank Governor Michael Bonello at the ECB headquarters in Frankfurt.