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Interbank Payments Advisory Commiittee (IPAC)
Inter Bank Payment Advisory Committee (IPAC) has been established in the frame of Inter bank payment system for the purpose of arrangement, management and coordination of duties. This committee has initially been established with the aim of creating a base for the review of all inter bank clearing system and analyzed the rules and procedures for reaching precursory agreements for all payment issues and other procedure actions. In the close cooperation with participant banks in IPAC development of all ICS daily operative procedures was enabled and survey of many basic issues for the development and functioning of this system, starting from:
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ICS rules and operating procedures
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Designated standard payment order form and ICS standard modules
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ICS fee structure (analyses and discussions)
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Structure on standard account numbers for all banks in Kosovo (KBAN)
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Other ICS operative issues regarding Clearing Settlement process and Liquidity
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ICS contingency operation plan (ICS central clearing at the BPK and participants)
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Proposes and tracks the procedures that involve commercial banks and other financial institutions
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Gives the initiative for changes and improvement of work procedures of entities that are involved in the Inter bank Payment System
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Reaching standard reporting forms, including the last report of the bank quarter for all payment modes and instruments, payments through ATM, POS, e-banking etc.
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Gives the initiative - discussions and analyzes for the new project plans and further ICS developments.
The key role of this Advisory Committee stands in the review of Inter bank payment system operative and functional policies, serving simultaneously as the string between BPK and commercial banks for the perfection of existing policies and enhancement of new strategies of the clearing system development.
The above-mentioned committee has the consulting character where all the representatives express their opinions, remarks and suggestions. Meeting of this Committee is held once a month or more often when so is required not only from the up to now meeting organizer BPK (leader of the IPAC) - ICS manager in BPK, but also and from the membership participant in the system.
Members of IPAC are main payment and operation officials in all commercial banks and one MEF payment representative (he has participated in this Committee as per needs shown; but he is required to be the permanent member).
Related to the above-mentioned the agreement reached with banks on duties and responsibilities of the bank and official contact representatives in ICS has been given through standard forms of letter of compliance, which is updated when any change in the certain representative level is made.
[1] Compliance Letter for IPAC is filled on annual bases, while initial application form in the ICS rules and procedures is filled only once, when the bank has become the ICS member.
Inter bank Payments Advisory Committee
LETTER OF UNDERSTANDING
- For all Inter bank Payments Advisory Committee members
1. The bank is acknowledged with the regulation on payment transactions and with the regulation of ICS, it has accepted to be the participant in the system, it is also acknowledged time by time with all the changes in the procedures and new regulations on Inter-bank Payment System.
2. Acknowledgement with the payment order usage, as the sole instrument used in the domestic payment circulation and with standard forms accepted by the participants.
3. Acknowledged with the agreement on Inter bank Clearing System Development of the electronic way, EICS and in case of eventual obstructions, banking transactions can be effected in any other form with telex or it can be developed clearing session and payment order exchange and be settled clearing results in bases of net debits and credits of the bank during the working day.
4. The bank informs about all the names of its representatives in the clearing, that can contact with, but only during daily operative, it means for technical maintenance of the ICS system and solving, chose of payment transactions on time.
I. ____________________________________
II. ____________________________________
5. The bank informs about the representative of Advisory Committee of IPAC and regulative policy development of this system, which is referred to be designated by the management of each bank and possibly to be main responsible person for this field of the payment system and to operate being managed by the BPK in agreement and coordination for perfection and automation of these processes.
I. ___________________________________
II. ___________________________________
6. In case of non-participation in the meetings of the IPAC Committee, the bank must inform in written the manager of the Advisory committee at the BPK (who is at the same time the Manager of the Payment System and the Development at the BPK).
_____________________________ ________________________
The Name of Bank Authorized Signature
Date:
Note: the memorandum is plenipotentiary when the same memorandum is undersigned and one copy will to bring back in BPK
Participants at the Interbank Clearing and
settlenet system at the BPK
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Address by the banks and IPAC
representatives, sub representatives and ICS
operators
Bank of
Private Business
Street
“UQK” Nr. 41, Prishtinë
http://www.bpb-bank.com
+381(0) 38244666
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