The new approach envisages a netting on a country wide basis.
• The new system will require NIFT to collect nets from all
automated centers and provide a consolidated net to SBP-BSC
Karachi for settlement. Thus the countrywide net position will be
debited / credited to banks’ current accounts in Karachi.
• While the net figure in the composite net for each bank will be arrived at by
making a logical sum of debit and credit positions of that bank in fifteen
cities, the position for each of the SBP branches in these cities will be
reported separately.
• Each product and its return will be consolidated separately and hence
there will six net positions:
•Main Clearing – Inward
•Sameday Clearing – Inward
•Intercity Clearing – Inward
•Main Clearing – Returns
•Sameday Clearing – Returns
•Intercity Clearing – Returns
• Other operations in the local current accounts of banks with SBP will
remain unchanged.
The branch clearing system will remain unaffected.
Branches will receive the same set of reports
There will be no change in the existing services and procedures.
Bank branches will be able to access reports through an optional web
service; this will provide a number of advantages like reliability and
quicker availability of information, data and images – branches can offer
prompt service to their clients with lesser turn around times.
There could be a change in the inter-branch accounting procedure.
A new inter-branch methodology (for cities outside Karachi)
would have to be evolved at each bank.
The out-city branches may either route their entries through
the local main branch (existing procedure) or all branches will
route entries directly to the main branch at Karachi.
If out-city branches are routing entries through the local main
branch, the local main branch will route the consolidated
position to the main branch at Karachi.
Single out-city branches will route their entries through to the
main branch at Karachi
NIFT will continue to provide main branch reports at various
cities for control and reconciliation purposes.
SBP centers will NOT post local NET entries into the
Banks’ current account for settlement.
NIFT will continue to provide all existing reports to
SBP centers for control and help in reconciliation
The individual position of each SBP centre will be
depicted separately in the consolidated net sent to
RTGS
NIFT will manage the consolidation process and
furnish composite nets to RTGS at Karachi.
Electronic reports depicting the consolidation process
will be provided to banks on the web.
NIFT will extend optional advice printing facilities to all
banks (four major banks are already utilizing this
facility).
Advance electronic information will be made available
to Treasury / Funds management departments through
the web.
Currently the Intercity netting procedure is implemented over two
days.
This process will be streamlined to support systematic
preparation of consolidated net position for RTGS.
The debit (in the city of payment) will now coincide with the credit
contra entry in the collection city through secure electronic
intimation.
NIFT will intimate the fate to collecting branches through secure
web reports – The return instruments will be provided next day.
The intercity clearing turnaround time will effectively be reduced
to 24 hours
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+
+
+
+
+
+
+
SIX
CONSOLIDATED
NETS SUBMITTED
BY NIFT AT
KARACHI
MAIN INWARD
SAMEDAY INWARD
INTERCITY INWARD
SAMEDAY RETURNS
INTERCITY RETURNS
MAIN RETURNS
RTGS
MANAGING CHANGE - RTGS IMPLEMENTATION
• PKI SECURED TRANSMISSION
• ADVANCE INFO TO TREASURY AND BRANCHES (WEB REPORTS)
• INFO AND SUPPORT FOR RECONCILIATION.
• ADVANCE ELECTRONIC DATA FOR INTERCITY
• NO SECOND NET FOR RECEIPTS OUTSIDE TIME WINDOW
ELECTRONIC
CLEARING INFO,
DELIVERY
OF NETS
RTGS
&
SBP
CENTRES
REGIONAL
CONTROL
&
CONSOLIDATION
RECONCILATION
BANK’S
POSITION
CLEARING INFO,
&
REGIONAL
DATA
BANK’S
TREASURY
BANK’S
REGIONS /
BRANCHES
REGIONAL
CONTROL
&
RECONCILATION
SBP
CENTRES
RTGS
BANK’S
TREASURY
• COUNTRYWIDE
BANK’S
REGIONS /
BRANCHES
CONNECTIVITY
• PROMPT DELIVERY
• ACCESS TO IMAGES
• ACCESS TO PAST DATA
• LOW COST / EASILY ADAPTABLE SOLUTION
All clearing based reports provided on a tiered basis:
1. Individual Branch - Transfer Scrolls
2. Main Branches in cities - Sub-Book for its branches
in given city
3. Main Clearing Deptt. - Sub-Book for its branches in
15 cities
4. Treasury – SCOREBOARD, Sub-Book for its branches
in every city
5. SBP BRANCHES –Sub-Book for its branches in that
city
6. RTGS – CONSOLIDATED SCOREBOARD, all SubBooks
ALL REPORTS ARE DIGITALLY SIGNED PDF DOCUMENTS,
THESE WILL BE RETAINED ON THE SYSTEM FOR A
PERIOD OF 3 MONTHS
• System hosted on verisign ssl based server
• User signs in with Class II Digital Certificates on USB
Tokens (Active Key) to access the site
• Besides Electronic Reports The system offers other
auxiliary services
• User operational rights imbedded in the system,
each digital certificate identifies users access
according
THE FOLLOWING SLIDES ILLUSTRATE BASIC
FEATURES OF THE SYSTEM (USER RTGS)
THANK YOU