Instant payments - general information
National bank of Serbia is implementing new system for money funds transfer in RSD for the purpose of executing payment transactions based on individual transfer orders in gross amount of up to RSD 300,000 (henceforth: IPS NBS).
IPS NBS will ensure constant availability of payments - 24 hours a day, 7 days a week, 365 days a year. In accordance with the RTGS payment system Regulations of the NBS, the banks an the Treasury Administration must be direct participants in the IPS NBS. Indirect participants in the IPS NBS may be payment institutions, electronic money institutions and public postal operator PTT Srbija. The date as of which he IPS NBS is applicable has been set forth under the IPS Operating rules of the IPS NBS - 22.10.2018. the date of gaining the status participant which is then enabled to issue and accept transfer order in the IPS system.
The NBS publishes on its website the list of the participants with the following data: 1) business name or name of the participant; 2) the participant’s E-mail address which is used for the communication with that participant in reference to participation in the IPS NBS system; 3) date when the participant has joined the IPS NBS system ; 4) any other data that the NBS assessed should be published due to the IPS NBS operation. Vojvođanska banka a.d. Novi Sad(henceforth: the Bank) is in the process of developing and implementing new application solutions for receipt of the orders which are executed In the new system for instant payments of the National bank of Serbia (IPS NBS).
In line with the regulations, the Bank has prepared proposal for the changes and amendments to the framework agreement that the clients - legal entities, entrepreneurs and natural persons concluded with the Bank. The proposal for the changes and amendments to the framework agreement deals exclusively with the implementation of a new fee and definition of the Schedule of receipt and execution of payments in up to RSD 300,000 that will be executed in IPS NBS. The tariffs list for instant orders will be applicable after the IPS NBS become operative and the Bank starts rendering the instant payment services.
The changed Schedule of receipt and execution of payments and Tariffs lists are published on the Bank’s Internet site.
In the forthcoming period the Bank will also develop additional services within IPS NBS system by which it will contribute to increase of usage of contemporary payment instruments (m-banking, e-banking, but also by using some other service which the Bank enables for the purposes of instant payment) and to realisation of the ultimate goal of the instant payment introduction – increase of the electronic payments share and decrease of the transaction price for the end users.
Note: orders up to RSD 300,000will continue, even after introduction of the instant payments, to be executed as before, in the Clearing payment system, in line with the changed as well as the Schedule of receipt and execution of payments in the Clearing NBS system, in fur (instead of in three) clearing systems:
- I cycle: 10:30
- II cycle: 12:30
- III cycle: 14:30
- IV cycle: 17:00 – new Clearing cycle