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ICS Goal and Task
Goal and Task of Interbank Clearing and Settlement System
(Why and what?)
Inter bank Payment System operates organized and supervised by BPK, which except as monitoring and regulator of this system takes place directly in this system on its name and government institutions. Therefore, even in between the key functions of BPK was the establishment of an efficient and safe system for payments, with payable skills and with the efficient function of a financial system based on a stable infrastructure. Therefore, in accordance to the role that BPK has, it was established the Clearing Interbank and Settlement System, in accordance to the Regulation XVIII of BPK and with Regulation on Payment Transactions 2001/26.
The Electronic Inter Bank Clearing System as a process; makes possible the money transfer electronically amidst the economic agents, financial institutions and their clients. This service offers the clearing and settlements of payments once a day on Net basis in BPK accounts for special orders or multiple orders (massive payments). The service initially was regulated through the telephone lines network (modems) of the clearing office in BPK. Such as this the system was constructed on canalisation base of all the payments through the bank account system. Consisting on the decrease of the cash in use, on the equalization and easy settlement on the accounts, on standardization of the payment types of the bank accounts, on establishment of the inter bank exchanging network through the electronic medium, on the increase of efficiency and security and above all the return of the confidence to the bank system. This was raised as a result of the fast development of the banks and the good relationship with their clients as well.
Therefore, the achieved results on establishment and development of the local payment system, even why slowly, where secure and in evidence. The seven licensed banks from BPK, where also the direct participants in the Clearing System and the legal members of this system.
BPK has the supervising and regulator role in the inter bank payment system; it have the right to make regulations and procedures for the payments, whether they are letter instrumentation, electronic, telegraphic etc. BPK has the role of settlement agent, although in its books keeps the bank accounts for the maintenance of the obliged reserve (rule XVII of BPK on Obliged reserve and the liquidity), through the same account the settlements are made as well. Thus, the banks in BPK books keep only one account forming clearing, settlement and obliged reserve.
The Inter bank Clearing System is responsible for intercession of the fund transfer and all the kind of payments amongst the participant banks at ICS. In a way it can be said that ICS is a BANK for other participant banks. This bank does not only the transfer (fund transfer), but also the regulation of all the payments in accounts, which means it makes the settlements on NET basis (the difference between debit and credit) at the end of the day for all the transactions called NORMAL PAYMENTS
The called PRIORITY PAYMENTS, the transfer is made, transferring and processing of the payments on individual and immediate basis in the account, it means the registrations in the account and the settlements are done immediately, individually on gross basis and at real time.
MASSIVE PAYMENTS present a main debit transaction (originated by A participant) with the possibility of credit for many benefit accounts at different banks (bank B, C and D). A main transaction with the higher value is joined with the small amount payments, originated from the same account (Dr) for many beneficial accounts (Cr).
GIRO PAYMENTS this kind of module is dedicated
To the utility payments, where the participant can be all the companies of the public services. The invoice payments through the KOS Giro can be made in all Commercial Banks with a standard invoice and with the possibility of the automatic reading through the special readers of bar codes (for more look at the Kos Giro page)
The main task for inters bank payment system, except its operations is monitoring, control and general supervision and in oversight the regulation of Inter bank Clearing System.
Technical Description
The implemented software version initially was the Borland Delphi, in the operative Microsoft Windows 2000. There is also made the migration of the data base e of the data from the access on to SQL data base (2005) The telecommunication network with the participants is secured a permanent lease secure line from the PTK side (7 lease lines) for all the participants in the system. Whereas the prior lines Dial Up are left as a reserve line in case of any malfunction of permanent lines.
In this case the participants in agreement with BPK are connected with Dial Up. BPK and banks have got the description plans; how to operate in case of any interruption in the system. Whereas the banks are obliged to reply to the centre of ICS at BPK in case of any malfunction of the existing lines with the standard form foreseen as reserve.
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