System Features

Domestic payment operations involve interbank payment operations, conducted among participants in the RTGS and clearing system of the National Bank of Serbia, and internal payment operations, conducted among clients that have their accounts opened with the same bank.

The RTGS (Real Time Gross Settlement) system involves the reception and processing of individual bank payment orders in the shortest possible time from the moment of their reception, up to the level of the collateral in the account. Although all payment orders may be processed in the RTGS, priority is given to payment orders for amounts in excess of CSD 250,000 (“large-value payments”), which is regulated by the guidelines for the RTGS and clearing system.

Clearing, or net settlement, means the reception of individual payment orders or groups of such orders with an enclosed specification of individual orders, for the calculation of multilateral net amounts in settlement accounts. Subsequent to that, each clearing participant’s net position is computed, and the settlement of this position effected through the participant’s gyro account.

Clearing payments (“small-value payments”) are orders for amounts of up to 250,000 dinars.

Clearing payments are effected in the net settlement process in three clearing cycles on each business day (at 10:30 a.m., 0:30 p.m. and 2:45 p.m.).

Participants in the RTGS and clearing system of the National Bank of Serbia are interlinked to form a uniform system in which payment transactions are exchanged through SWIFT standard-based messages using the private communication network of the National Bank of Serbia.

Participants in the RTGS and Clearing System

• National Bank of Serbia,
• Banks,
• Republic of Serbia – Ministry of Finance,
• Central Securities Registry, Depository and Clearing, and
• Association of Serbian Banks.

RTGS and Clearing System Business Hours

The business hours of the RTGS and clearing system have been regulated by the Daily Term Schedule. The system processes participants’ transactions in the course of the business day from 9:00 a.m. until 6:00 p.m.

Simultaneous Payment and Delivery of Securities
(delivery versus payment – DVP)

The system enables the application of the DVP principle for the settlement of securities.

Accounts

Juridical and natural persons may hold more than one account with a single bank or accounts with several banks.