Payment systems in the Republic of Macedonia
General Features of the Payment System
The payment system represents a sum of instruments, procedures and infrastructure for money transfer. It is of great importance for all economic agents since it enables fast and efficient payments in the national economy.
The payment system of the Republic of Macedonia can be presented schematically as:
The central bank, which runs the accounts of the deposit money institutions - the banks, is at the top of the payment system. In the payment system, the central bank has the following functions: operational, development and function of monitoring of the other payment systems in the country.
The banks, which run the accounts of other legal entities and natural persons, consist the following level. Running of the accounts is decentralized - which means, each bank runs only the accounts of its clients. In order to execute and perform prompt settlement of the large value payments and urgent interbank payments, the system of the central bank is used. For netting the small value payments, a specialized institution - the Clearing House for small value payments is used, while the results of the netting are later settled in the system of the Central Bank.
The payment system in the Republic of Macedonia consists of the following sub-systems:
- MIPS (Macedonian Interbank Payment System)- Real Time Gross Settlement System (RTGS) used for processing large value payments and urgent interbank payments.
- Clearing Inter-banking Systems - KIBS - Deferred Net Settlement System (DNS) used for processing small value payments.
- International Card Systems AD - CaSys - Deferred Net Settlement System (DNS) used for processing cards.
- Internal payment systems of the banks used for payments among the clients-depositors within the same bank. This includes payments which do not cause change in the balance on the account of the bank in the National Bank of the Republic of Macedonia.
These sub-systems are functionally related to one another and all their activities are carried out according to beforehand defined manners of functioning and strictly determined time schedule.
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