The Macedonian Interbank Payment System - MIPS is a Real Time Gross Settlement (RTGS) System. This system processes the large-value payments and the urgent payments in the domestic payment operations, in Macedonian Denars. The Macedonian Interbank Payment System of the National Bank of the Republic of Macedonia is available to the authorized participants in the course of each working day.

The following institutions may participate in MIPS:

1. The National Bank of the Republic of Macedonia;
2. Institutions responsible for carrying out payment operations;
3. The clearing systems:
   
   - The clearing house; and
   - The Central Securities Depositary.
4. The treasury system with the Single Treasury Account;
5. Other institutions stipulated by the regulations.   

Each participant in MIPS has its own address called BIC code. All participants in MIPS are recorded in a separate List of Participants in MIPS.

Becoming a member of MIPS is very easy. An institution may become a member by following a previously prescribed procedure. It is not necessary to have an account in the National Bank of the Republic of Macedonia in order to participate in MIPS. Opening of an account in the National Bank of the Republic of Macedonia is regulated by a special Contract between the National Bank of the Republic of Macedonia and the Participant. All accounts of the participating institution opened in the National Bank of the Republic of Macedonia are available to it through the MIPS. The participating institution may authorize other participants in MIPS to debit its accounts by filling in the form AUTHORIZATION for debiting account of another Participant. Furthermore, other owners of accounts in the National Bank of the Republic of Macedonia may authorize a Participant in MIPS to perform the activities in the payment operations for their account through MIPS, by filling in the form AUTHORIZATION for servicing the applicant in the NBRM by a Participant in MIPS. The MIPS is an information system with compound technical characteristics . It is the first system in the Republic of Macedonia which started to use e-documents - signed with e-signature. The system itself is based on a modern information system with numerous incorporated options, such as keeping several accounts for one participant, execution of orders in a standard SWIFT format, operating with several networks, by implementing the “V” scheme, etc.

At At this moment, three methods are used for connecting: Method No.1, 2 and 3.

MIPS System processes the orders which are in SWIFT format in compliance with the Standard for the purpose and the format of the messages in MIPS.