123
include Barclays Bank
(Barclays Bank Egypt)
and HSBC (HSBC Bank
Egypt).
are restricted to
investment) and
wholesale banking
activities or specialised
banks (which are non-
interest banks).
Large
Value
Payment
System
The RTGS system-
processes large-value
and urgent domestic
payments
denominated in EGP
and interbank money
market transactions.
Transactions are
settled irrevocably in
real-time and with
immediate finality.
Automated Clearing
House (ACH)-
electronically
processes all cheque
and draft payments in
Egypt, regardless of
value. Payments are
then sent to the RTGS
system for final
settlement. Cheques
can be cleared on a
same day basis if they
are drawn at banks in
Cairo's clearing house
district. Other cheques
can take up to a
maximum of five days
to clear.
BI-RTGS - operated by
Bank Indonesia,
processes large-value
and urgent interbank
payments denominated
in IDR. All banks
operating in Indonesia
are members of the
system. During 2011
BI-RTGS was upgraded,
with a direct debit
module added to
process direct debits
automatically in real-
time between banks.
SKNBI –processes all
low-value electronic
and paper-based
payments. There are
two sub-systems in
SKNBI. Debit clearing
processes all interbank
paper-based debit
transfers, including
cheques and bilyet
giro. Credit clearing
processes all low-value
electronic credit
transfers. Paper-based
payments are
processed through the
debit clearing element
of SKNBI.
BCAO-RTGS - operated
by The Central Bank of
West African States
(BCEAO) for the
members of the West
African Economic and
Monetary Union
(WAEMU)
Système des Règlements
Bruts du Maroc (SRBM)
Central Bank
Interbank Funds
Transfer System
(CIFTS) - owned and
operated by the CBN,
processes high-value
and urgent, NGN-
denominated funds
transfers. CIFTS settles
all transactions
electronically in real-
time. It also settles net
balances deriving from
NACS.
Nigerian Automated
Clearing System
(NACS) - owned and
operated by the Nigeria
Inter-Bank Settlement
System (NIBSS),
processes low-value
retail payments and
cheques, electronic fund
transfers and
transactions from point-
of-sale (POS) terminals.
Payments are usually
settled on a T+2 basis.
Automated credit
transfers are cleared and
settled on a same day
basis. There are also a
series of non-NACS,
semi-automated clearing
houses for the manual
processing and clearing
of cheques.
ACH - operated by NIBSS
which offers credit and
debit transfers.
Pakistan Real-time
Interbank Settlement
Mechanism (PRISM) -
provides real time
settlement of interbank
money transfers,
government securities,
paper-based
instruments, as well as
individual and corporate
payments. PRISM has
two components,
namely cash and
securities. The payment
component of PRISM
settles payments
resulting from interbank
money market;
securities market
transactions, foreign
exchange transactions
and net settlement
positions of cheque
clearing. The second
component of PRISM is a
securities settlement
system for government
securities transactions
resulting from
sale/purchase of Market
Treasury Bills (MTB)
and Pakistan Investment
Bonds (PIB) in the
primary and the
secondary market.
TIC-RTGS- processes
domestic transfers in TRY
regardless of value. There
are 49 direct participants
in TIC-RTGS. All direct
participants must hold a
settlement account at the
central bank. The Ankara
and Istanbul Interbank
Clearing Houses (ICHs)
operate together as a
deferred net settlement
system for cheque
payments in TRY. The
Interbank Card Centre
(BKM) operates a deferred
net settlement system for
card payments in TRY. The
Central Bank continues to
operate a giro system,
primarily used by non-
TIC-RTGS participants,
which processes a limited
number of credit transfers
between its 21 branches
on a real-time basis.
International payment
transfers can be routed via
SWIFT through
correspondent banking
arrangements.
UAE Funds Transfer
System (UAEFTS) –
provides an automated
national interbank real-
time gross settlement
(RTGS) system. UAEFTS
was upgraded during
2012 and all participants
now transmit payment
messages using
International Bank
Account Numbers
(IBAN). The UAEFTS
processes all AED
interbank funds
transfers regardless of
the amount and settles
the net balances of
participants in the
Clearing House and UAE
SWITCH (the national
ATM network).
Image cheque clearing
system (ICCS) - All
cheques are scanned on
submission and the
image is sent by the
presenting bank to the
Central Bank for the
payment to be
processed. The ICCS
enables fully electronic
clearing of cheques
regardless of where they
are presented.
Retail
Payment
System
Cash - Egypt is a cash-
based society, with
only around 10% of
Egyptians currently
holding a bank
account.
Cheques- Cheques are
the most popular
cashless payment
instrument in Egypt in
terms of both value
and volume. In the
Cash - (banknotes and
coins) is the most
widely used.
Credit transfers - the
most important
cashless payment
method in Indonesia in
terms of value, used by
large companies to
make supplier, tax or
salary payments or for
treasury operations.
Cash
Cheques
Credit transfers
Payments cards
ATM Transaction
Mobile
Banking/Payments
Bills of exchange
Promissory notes
Cash
Cheques
Credit transfers
Debit transfers
Payment cards
Mobile money
Cash - the most
important payment
method in Nigeria.
Cheques - rarely used in
transactions where the
counterparties to the
transaction do not have
a strong relationship. As
a norm, bankers' drafts
are used to mitigate the
counterparty credit risk.
All cheques are now
Cash - most of the retail
payments are cash.
Cheques
Payment cards - Almost
every commercial banks
have issued both credit
and debit card to its
customers. They also
have installed their own
ATM network and have
linked one of the two
operating ATM switch
Cash
Credit transfers - Credit
transfers are widely used
for retail transactions,
salaries and pension
payments.
Direct debits - Direct
debit usage is very limited
in Turkey, although the
number of direct debit
transactions should
increase significantly once
Cash
Cheques - the most
common form of non-
cash payment
instrument in the UAE.
Credit transfers - are
used for domestic large-
value transactions and
salary payments.
Interbank credit
transfers regardless of
value are settled via the