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Payment System | NBS as the Payment Systems Operator

NBS as the Payment Systems Operator

The NBS operates five payment systems: 

  • RTGS system,
  • IPS system,
  • Clearing system,
  • System of international and interbank clearing of foreign exchange payments,
  • DinaCard clearing system.

The NBS RTGS, IPS, clearing and DinaCard clearing systems are payment systems for the transfer of funds in dinars between participants.

Based on the provisions of the Law on Payment Services which govern the finality of settlement in an important payment system, and regulations adopted under that Law, the RTGS and clearing systems are identified as important payment systems.

RTGS system

The operation of the RTGS system is regulated by the Operating Rules of the RTGS Payment System of the National Bank of Serbia. The RTGS system (execution of transfer orders on a real time gross settlement basis) implies the processing and settlement of individual transfer orders of participants within the shortest possible time – up to the account cover. While the NBS RTGS system can be used to execute all transfer orders, it must be used to execute orders for credit transfers and direct debits in the individual amount of RSD 300,000 and above, in accordance with the Decision on the Minimum Value of Payment Transactions Which Must be Executed in an Important Payment System. Transfer orders are executed in the RTGS system on business days from 9:00 to 18:00, as specified by the Daily Time Schedule of the RTGS system.

The following transfer orders are executed in the RTGS system:

  1. order to execute a payment transaction for the purpose of implementation of NBS monetary policy;
  2. order to execute a credit transfer whereby the participant initiates the transfer of funds, in its name and for its account, as well as for the purpose of executing payment transactions of its payment service users;
  3. order to execute a direct debit of the participant;
  4. order in relation to supplying of cash to banks and taking over cash from banks, in accordance with NBS regulations;
  5. order to settle financial obligations and/or claims incurred among participants in other payment systems and financial instruments settlement systems;
  6. other orders to transfer funds across accounts in the RTGS system, in accordance with regulations.

Participants in the RTGS system may be:

  • NBS,
  • banks with their head offices in the Republic of Serbia holding an operating licence issued by the NBS, in accordance with the law regulating banks,
  • ministry in charge of finance of the Republic of Serbia – Treasury Administration,
  • operator of other payment system, and
  • operator of the financial instruments settlement system – Central Securities Depository and Clearing House or other operator of such system.

IPS system

The operation of the IPS system is regulated by the Operating Rules of the IPS Payment System of the National Bank of Serbia.

The IPS system is used for the transfer of funds in dinars between participants in the system with the aim of making instant credit transfers, determined by the decision regulating general rules for instant credit transfers. The payer may initiate an instant credit transfer at any time, each day in the year. The transfer of funds to the payee’s account is made almost instantaneously. Payment service providers enable an instant credit transfer initiated in paper at the time designated for the receipt of such orders. Instant credit transfers are made in the IPS system based on participants’ individual transfer orders in gross amount immediately after fulfilling the conditions for the execution of these orders. An instant credit transfer in the IPS system is made based on participants’ transfer orders in gross amount immediately after fulfilling the conditions for the execution of these orders. The value of an individual transfer order carried out in the IPS system cannot exceed RSD 300,000.

Participants in the IPS system may be:

  • NBS,
  • banks with their head offices in the Republic of Serbia holding an operating licence issued by the NBS, in accordance with the law regulating banks,
  • ministry in charge of finance of the Republic of Serbia – Treasury Administration,
  • payment institution with the head office in the Republic of Serbia holding an operating licence issued by the NBS, in accordance with the law regulating payment services,
  • electronic money institution with the head office in the Republic of Serbia holding an operating licence issued by the NBS to issue electronic money, in accordance with the law regulating payment services,
  • public postal operator with the head office in the Republic of Serbia, established in accordance with the law regulating postal services.

A payment institution, electronic money institution and public postal operator with their head offices in the Republic of Serbia may only be indirect participants or persons with indirect access to the IPS system, in the manner determined by the system operating rules.

For more information about the IPS system, its participants and manner of participation, visit Instant Payments System – IPS.

Clearing system

The operation of the clearing system is regulated by the Operating Rules for the Clearing Payment System of the National Bank of Serbia. The clearing system is used to execute transfer orders in respect of credit transfers where a participant initiates a transfer of funds in its name and for its own account, as well as in respect of payment transactions of users of its payment services. Transfer orders in the clearing system are used to execute credit transfers in the individual amount of up to RSD 300,000.

In the netting procedure in the clearing system, multilateral net settlement positions of participants are calculated by combining receivables and liabilities in respect of transfer orders exchanged between participants in the payment system – into a single net liability or net receivable of an individual participant in the payment system with respect to all other participants in the system. In each netting cycle, calculated negative and/or positive net positions are settled in the RTGS system using funds reserved before the beginning of the netting cycle. The Daily Time Schedule of the NBS Clearing System specifies netting and execution of transfer orders in the clearing system in three netting cycles: at 10:30, 12:30, 14:30 and 17:00.

Participants in the clearing system may be:

  • NBS,
  • banks with their head offices in the Republic of Serbia holding an operating licence issued by the NBS, in accordance with the law regulating banks,
  • ministry in charge of finance of the Republic of Serbia – Treasury Administration.

System of international and interbank clearing of foreign exchange payments

To ensure more efficient and cheaper execution of payment transactions in euros for households and corporates, the NBS operates the system of international and interbank clearing of foreign exchange payments, in which, in accordance with the Operating Rules for Interbank Clearing of Payments in Foreign Exchange and the Operating Rules for Clearing of International Payments, funds in euros are transferred between system participants each business day.

In addition to banks with their head offices in the Republic of Serbia and the NBS, participants in the international and interbank clearing of foreign exchange payments are banks from Bosnia and Herzegovina, based on the Agreement on the Clearing of Interbank and International Payments concluded between the NBS and the Central Bank of Bosnia and Herzegovina.

DinaCard clearing system

The DinaCard clearing system is a payment system of the NBS used for processing and netting of transfer orders submitted by participants in the system through payment transactions executed using DinaCard payment cards (clearing of transactions in the DinaCard system). Net positions are settled in the RTGS system. For more detail about the DinaCard system, visit www.dinacard.nbs.rs.

Business hours of the DinaCard clearing system

Transactions in the DinaCard clearing system are processed every business day.

Business hours of the DinaCard clearing system are set out in the Daily Time Schedule:

  • Receipt of transactions from acquirers: from the previous clearing cut-off time (D0) until 10:00 (clearing cut-off) on the next business day (D1)
  • Processing of transactions received for clearing and sending reports to members on net positions (D1) *: by 12:30
  • Sending settlement orders to the RTGS system (D1): by 15:00
  • Sending reports on executed clearing and settlement (D1): by 17:00

* Transactions received by 10:00 will be processed on the same day. Transactions received after 10:00 will be processed on the following business day.

See More...
Instant Payments Serbia – NBS IPS system
DinaCard clearing system
System of International and Interbank Clearing of Foregn Exchange Payments