KIBS CLEARING

Clearing of interbank payments of small amounts is the basic service managed and handled by KIBS. This process is performed in one clearing day, the time where all transactions denoted with the currency date in the current business day are carried out. Within a clearing day, one or more settlements cycles may be executed. KIBS executes one cycle.

A part of the Macedonian payment system, clearing is a process performed in one business day according to the Calendar of (non)business days in 2011 (да се линкува) between: banks – KIBS – Macedonian Interbank Payment System (MIPS) and vice versa. KIBS performs these activities in line with the Rulebook on Operation of KIBS, Term Plan for KIBS Operation, and other KIBS documents regulating the proceeding and procedures of operation under the Law on Payment Transactions and the Core Principles for systemically important systems.

The process commences with the receipt of packages from banks containing data on payment instruments issued by clients to banks and by banks on the basis of various debtor-creditor relations. KIBS establishes the cumulative state for any bank separately and under the principle of multilateral settlement (clearing calculation) establishes net state for each bank that is the participant in clearing. Those states are settled by the Macedonian Interbank Payment System (MIPS) and to each bank participating in the clearing is delivered a detailed report. The particicants in clearing are banks – carriers of the payment operations, the Treasury with the Ministry of Finance as a special carrier of the payment operations for budgetary users and individual users and the Health Insurance Fund of the Republic of Macedonia as the separate carrier of the payment operations for health institutions.

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