Payment and Securities Settlement Systems
Macedonian Payment Infrastructure
Payment system is established infrastructure for transfer of funds between participants, which is composed of institutions, instruments, rules, procedures and technical means for secure transmission. Nowadays, payments are usually committed through the use of bank deposits. To make payment, the payer must issue instructions, usually to the bank where they keep money that should be transferred. The instruction can be in a paper form or an electronic instruction using modern technological solutions (credit card, PC or mobile device). Furthermore, the payment instruction is processed and is usually settled without the payer's involvement. Hence, although the payment system is essential for providing payment services to the end users, however, they are not direct participants in the payment system and its payment is executed indirectly through a limited number of direct participants in the payment system.
- Payment order is issued to the Payer's Bank.
- Payer's Bank delivers the payment order to payment system (a) Retail payment system or (b) RTGS.
- Processing the payment instructions and delivering the net positions to the RTGS.
- Settlement and issuing confirmations for (a) crediting and (b) debiting to the beneficiary and payers banks.
- (a) Crediting and (b) Debiting of the beneficiary and payers accounts.
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