CBCG Payment System

Payment System of the CBCG (hereinafter: the Payment System) consists of:

  • Real Time Gross Settlement (RTGS) system executing individual payment transaction between participants at gross principle in real time, and

  • Deferred Net Settlement (DNS) system for performing interbank payment transactions at net principle in deferred time

The Payment System, owned and operated by the CBCG is the basis of the payment system to which all other payment infrastructures have been connected.

Payments through the Payment System are executed at the transaction accounts opened and maintained by the CBCG.

The Payment System allows only direct participation, whereby the agent in payment operations is not a participant in the Payment System. Participants have to comply with the legal framework regulating the Payment System operations, which refer to personnel, organisational and technical criteria defined by the Central Bank. Participation in the Payment System is based on the contractual basis.

The Payment System Functioning Scheme is given in the graph below:

Some of the most important technical standards used in the Payment System:

  • Domestic validation module used in paying public revenues;

  • SWIFT format of payment and non-payment messages;

  • SWIFT bank identification codes (BIC) (more information

  • IBAN standard in construction of accounts;
    More information: www.ecbs.org - Europen Committee for Banking Standards

  • IP/MPLS VPN Extranet communication network of the CBCG