Interbank Clearing System

ACH system for domestic interbank forint credit transfers and direct debits.

Smooth operation and reliability of the clearing service is GIRO Zrt.'s primary goal. The internally developed proprietary clearing engine which served interbank clearing from 1994 stopped operations in November 2009. Then the InterGIRO1 IT platform, installed by an external developer, replaced the old engine. This new platform offers the same services as the old one but it can be monitored continuously, and it enables participants to send and receive files automatically (STP). On GIRO Zrt.'s part, less manual intervention is needed to operate the system.

The second clearing platform of BKR, InterGIRO2, has been launched on July 2, 2012. This platform operates within VIBER (Hungarian RTGS) operating hours and enables participants to execute electronic credit transfer instructions from initiation to crediting typically within 1-1,5 hours. The Hungarian State Treasury and its customers do not use the platform actively, but their accounts can be addressed. InterGIRO2 processes credit transfers only, at least, for the time being. Direct debits are processed on the InterGIRO1 platform exclusively. InterGIRO2 daily operations span ten cycles, except for designated Saturday working days (due to swaps which connect weekends and bank holidays) when the number of cycles is seven. Pre-funding is pre-requisite of clearing, incoming payments also increase cover amount. Pre-funding and settlement takes place by fund transfers in VIBER (RTGS) between the clearing system’s and the participants’ accounts.

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