National Bank of Serbia launches IPS System
The instant payment system operated by the NBS has gone live on October 22nd, 2018. This is a state-of-the-art system, operational 24/7, 365 days a year, enabling transfers within a few seconds only. The system covers DNS and Instant payment functionality enriched by Central Addressing functions. The system supports all major services such as Direct Credits, Request to Pay, Bill payments, Returns etc. The System is built around ISO20022 message format. It is compliant with best international practices and regulations (including SCTInst and others).
The IPS system will significantly facilitate the transfer of funds both to citizens and corporates. It enables dinar transfers of up to RSD 300,000 per transaction within a few seconds only. This means that only a few seconds after the payer initiates a payment transaction, the payee will have access to funds.
IPS system is delivered as an extension of existing CMA RTGS/ACH solution and in very close and transparent integration with it. NBS has an option to join these systems in one package at any later stage. The System implementation time took a record short 8 months
Information on Instant Payments solution from CMA can be obtained by filling out feedback form on company’s website.