Q and A
| System name | Clearing |
| Year of introduction | year 1998 (SRP), 2010 (ICS-2) |
| Law of property on the system | Republican state enterprise “Kazakhstan Interbank Settlement Center of the National Bank of Kazakhstan” |
| Network provider | Republican state enterprise “Kazakhstan Interbank Settlement Center of the National Bank of Kazakhstan” |
| Working hours of the system – Reception deadline of current day payments – For third party – Participants’ transactions – Time period of net position settlement |
Twenty-four hours a day Till 3 p.m. From 3 p.m. till 4 p.m. |
| Membership criteria in the system | Free access for banks and non-banking organizations, which are entitled for carrying out the bank operations and obligatory availability of the account in ISMT |
| Message flow structure | МТ100, МТ102, МТ998, МТ970, МТ971, МТ974, МТ973, МТ195, МТ192, МТ196, MT905 |
| Processing of payment documents – FIFO – Assignment of priorities for specific transactions’ types |
The processing of documents is under priorities, inside of one priority by FIFO principle |
| Organization of a queue | is formed by Sender of the payment document |
| Factors of message flows regulation – Tariffs are differentiated by time during the day – A definite percentage of transactions should pass during specific time according to the system rules – Other |
Tariffs are differentiated by time during the day No Limit for one payment is 5 billion tenge |
| During what period of time does the system allow to accept the payment documents? | Twenty-four hours a day |
| Revocation of payment document | Yes |
| Return of non settled payment documents: When does return take place? | After closing of current operating day During shortage of funds for settlement |
| When does an issue of final report take place? | At 4:20 p.m. |
| Settlement guarantee | Availability of sufficient funds on ISMT account at the moment of Clearing closing |
| Agreement on losses sharing | No |
| Each participant ensures his own net debit position – simultaneous distribution of public funds – other |
Participant insures funds sufficiency in ISMT for covering his net debit position independently |
| Liquidity regulation – During the day – “Overnight” – Available for system participants – Available for external private source – other |
Participants regulate their liquidity independently |
| Does the system have a possibility to finish settlement in case of non-fulfilled debit obligation? – By one of the system’s participant – By several system participants |
Yes |
| Whether the system has an opportunity for settlement of transaction in parts in case of when other opportunities of maintenance of liquidity have been settled? | No |
| Legal base of Clearing | Normative and legal document, regulating the order of carrying out of calculations in clearing are here. |
| Clearing is bases – on a double basis between the system and participants – on a double basis between participants – – on a multilateral basis between participants |
On a multilateral basis between participants |
| Does the Clearing connect with other systems? – gross settlements on the real time basis – securities – other |
With gross settlements on the real time basis |
| Does the National Bank participate in Clearing? – as the participant – as the main reserve agency – other |
As the participant |
| Does the Clearing have a reflection in the National Bank’s ledger? | No, the clearing settlement is took place in ISMT |
| What kind of services does the National Bank render for Clearing? – additional system management – system control – other |
Control |
| Does the system accept payments with value date? | Yes (T+3 days) |