The project aims to automate all payment systems at the Central Bank through the installation of modern technology schemes to facilitate payments. The first phase of SIFI was also financed by the Italian government.

The second phase will include the provision of advanced information technology services through introducing modern payment systems to facilitate money transfer to financial and public sectors through the Real Time Gross Settlement (RTGS).

It will also include the introduction of a new clearing system for all kinds of payments, and a special system for government payments, electronic systems to stimulate financial and money regulation, and a system for managing information and electronic e-mails.