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20.07.2017

Regulation on automated interbank payment system, approved by the DCA of the NBM, No. 53 of March 2, 2006

Note: The translation is unofficial, for information purpose only

 

Published in the Official Monitor of the Republic of Moldova no.39-42, of March 10, 2006, Article 144,

Registered
at Ministry of Justice
of the Republic of Moldova
No.770 of September 3, 2009

Approved
by the Decision of the Council of
Administration of the National Bank of
Moldova, no.53 of March 2, 2006

Effective Date: April 21, 2006
Published: Official Monitor of the Republic of Moldova
no 39-42/144 of March 10, 2006

REGULATION
ON AUTOMATED INTERBANK PAYMENT SYSTEM

(version including amendments and additions as in accordance with the list*)

Amended by:

DCA of the NBM, no.316 of November 30, 2006, Official Monitor of the Republic of Moldova no. 186-188/664 of December 8, 2006
DCA of the NBM, no.139 of June 14, 2007, Official Monitor of the Republic of Moldova no. 94-97/429 of July 6, 2007
DCA of the NBM, no.152 of July 31, 2008, Official Monitor of the Republic of Moldova no. 174/503a of September 16, 2008
DCA of the NBM, no.5 of January 15, 2009, Official Monitor of the Republic of Moldova no. 7-9/16 of January 20, 2009
DCA of the NBM, no.23 of January 29, 2009, Official Monitor of the Republic of Moldova no. 49-50/205 of March 6, 2009
DCA of the NBM, no.153 of July 29, 2010, Official Monitor of the Republic of Moldova no. 163-165/610 of September 10, 2010
DCA of the NBM, no.228 of September 27, 2012, Official Monitor of the Republic of Moldova no. 222-227/1276 of October 26, 2012
DCA of the NBM, no. 162 of August 8, 2013, Official Monitor of the Republic of Moldova no. 182-185/1287 of August 23, 2013

DCA of the NBM, no. 190 of September 25, 2014, Official Monitor of the Republic of Moldova no. 325-332/1530 din October 31, 2014
DEB of NBM no. 118 of 04.05.17, Official Monitor of RM no. 155 – 161/19.05.2017, art. 933, effective as of 19.07.17

 

CHAPTER I.
General provisions

1. General provisions
1.1. This Regulation aims at establishing rules of use of automated interbank payment system and organizing activities within it.
(Item 1, sub item 1.1 amended by the Decision of the EB of NBM no. 118 of 04.05.17, Official Monitor of RM no. 155 – 161/19.05.2017, art. 933, effective as of 19.07.17)

1.2. The provisions of this Regulation shall apply to the participants of the Automated Interbank Payment System (AIPS).

1.3. For the purpose of this Regulation, the following definitions apply:

Transaction code shall mean a digital code identifying the type of payment sent to AIPS.

Queue shall mean the list of payment documents which settlement was postponed due to the lack of available funds and/or of payment documents sent in batch to be settled at a designated time.

Settlement account shall mean the account opened for the AIPS participant with a view to execute settlement operations.

Settlement shall mean the operation through which the obligations in respect of funds transfers between two or more participants are irrevocably discharged by debiting the settlement account of the paying participant and by crediting the settlement account of the beneficiary participant.

Beneficiary participant shall mean an AIPS participant whose settlement account is credited based on a processed payment document.

Paying participant shall mean an AIPS participant whose settlement account is debited based on a processed payment document.

Priority shall mean a digital code through which the system participant sets out the succession of settlement.

For the purpose of this Regulation, the terms of Law no 183 of July 22, 2016 on settlement finality in payment and financial instruments settlement systems (Official Monitor of the Republic of Moldova, 2016, no. 306-313, art. 653), (hereinafter Law no. 183 of July 22, 2016) with further amendments and addenda, shall be used, inclusively.
(Item 1, sub item 1.3 completed by the Decision of the EB of the NBM no. 118 of 04.05.17, Official Monitor of RM no. 155 – 161/19.05.2017, art. 933, effective as of 19.07.17)
(Item 1, sub item 1.3, term amended by the Decision of the CA of the NBM no. 23 of 29.01.09, Official Monitor of RM no. 49-50/06.03.09 art. 205, effective as of 01.06.09)

2. Structure, functions and participants of the Automated Interbank Payment System

2.1. The Automated Interbank Payment System (AIPS) represents the system through which the interbank payments in Moldovan Lei are performed on the territory of the Republic of Moldova. AIPS is composed of the Real-Time Gross Settlement system and the Designated-time Net Settlement system.

2.2. The Real-Time Gross Settlement system (RTGS system) is designed for processing of large-value and urgent payments, while the Designated-time Net Settlement System (DNS system) is designed for processing of low-value payments.

2.3. RTGS system processes payment documents sent by participants and finally settles related funds transfers in real time, including the final settlement of funds related to the financial instruments transactions.
(Item 2, sub item 2.3 amended by the Decision of the EB of the NBM no. 118 of 04.05.17, Official Monitor of RM no. 155 – 161/19.05.2017, art. 933, effective as of 19.07.17)
(Item 2, sub item 2.3, amended by the Decision of the CA of the NBM no. 228 of 27.09.12, Official Monitor of RM no. 222-227/26.10.12 art. 1276, effective as of 01.01.13)

2.4. DNS system processes the batches of payment documents sent by participants and calculates the participants’ multilateral net positions.

2.5. In AIPS the following entities can participate:
a) National Bank of Moldova;
b) banks licensed by the National Bank of Moldova;
c) Settlement Centre from Tiraspol;
d) State Treasury within the Ministry of Finance, including as an mandated participant that has not opened an account in AIPS;
e) Banks under liquidation, under the terms of this Regulation;
f) Legal entity carrying out securities depository activity as its main activity;
(Item 2, sub item 2.5 amended by the Decision of the EB of the NBM no. 118 of 04.05.17, Official Monitor of RM no. 155 – 161/19.05.2017, art. 933, effective as of 19.07.17)
(Item 2, sub item 2.5, letter g), added by the Decision of the CA of the NBM no. 162 of 08.08.13, Official Monitor of RM no. 182-185/23.08.13 art. 1287
(Item 2, sub item 2.5, letter f), added by the Decision of the CA of the NBM no. 228 of 27.09.12, Official Monitor of RM no. 222-227/26.10.12 art. 1276, effective as of 01.01.13)
(Item 2, sub item 2.5, letter e) inserted by the Decision of the CA of the NBM, no.153 of 29.07.2010, in force on 01.11.2010)
(Item 2, sub item 2.5, amended by the Decision of the CA of the NBM no. 5 of 15.02.09, Official Monitor of RM no. 7-9/20.01.09 art. 16)
(Item 2, sub item 2.5, letter d) added by the Decision of the CA of the NBM no. 316 of 30.11.06, Official Monitor of RM no. 186-188/08.12.06 art. 664; effective as of 01.03.2007)


2.5.1 The entity which intends to participate in AIPS shall address to the National Bank of Moldova a corresponding written request.
(Item 2, sub item 2.51 edited by the Decision of the EB of the NBM no. 118 of 04.05.17, Official Monitor of RM no. 155 – 161/19.05.2017, art. 933, effective as of 19.07.17)
(Item 2, sub item
2.51, added by the Decision of the CA of NBM no. 23 of 29.01.09, Official Monitor of RM no. 49-50/06.03.09 art. 205; effective as of 01.06.09)

2.5.2 The National Bank of Moldova shall, after receiving the mentioned application, present to the respective entity the Technical document concerning the functional and technical requirements, as well as the conditions for testing the interaction capacity with AIPS.
(Item 2, sub item 2.52 amended by the Decision of the EB of the NBM no. 118 of 04.05.17, Official Monitor of RM no. 155 – 161/19.05.2017, art. 933, effective as of 19.07.17)
(Item 2, sub item
2.52, added by the Decision of the CA of the NBM no. 23 of 29.01.09, Official Monitor of RM no. 49-50/06.03.09 art. 205; effective as of 01.06.09)

2.5.3 The access of the participant to the system shall be ensured if the following conditions are observed:
a) the results of the test confirm the possibility of integration in AIPS;
b) the participant has opened an account in the NBM records in accordance with the legislative and normative acts in effect.
c) the participant has concluded the Contract on participation in AIPS.
The provisions of letter b) shall not apply to AIPS participation of the State Treasury within the Ministry of Finance as the mandated participant.
(Item 2, sub item 2.53 amended by the Decision of the EB of the NBM no. 118 of 04.05.17, Official Monitor of RM no. 155 – 161/19.05.2017, art. 933, effective as of 19.07.17)
(Item 2, sub item
2.53, sub item added by the Decision of the CA of the NBM no. 162 of 08.08.13, Official Monitor of RM no. 182-185/23.08.13 art. 1287)
(Item 2, sub item
2.53, amended by the Decision of the CA of the NBM no. 228 of 27.09.12, Official Monitor of RM no. 222-227/26.10.12 art. 1276; effective as of 01.01.13)
(Item 2, sub item
2.53 letter b), amended by the Decision of the CA of the NBM no. 153 of 29.07.10, Official Monitor of RM no. 163-165/10.09.10 art.610; effective as of 01.11.10)
(Item 2, sub item
2.53, added by the Decision of the CA of the NBM no. 23 of 29.01.09, Official Monitor of RM no. 49-50/06.03.09 art. 205; effective as of 01.06.09)

2.6. AIPS administrator is the National Bank of Moldova. The rights and obligations of the National Bank of Moldova as the AIPS administrator and those of AIPS participants are provided by the Contract on participation in AIPS.
(Item 2, sub item 2.6 amended by the Decision of the EB of the NBM no. 118 of 04.05.17, Official Monitor of RM no. 155 – 161/19.05.2017, art. 933, effective as of 19.07.17)
(Item 2, sub item 2.6 amended by the Decision of the CA of the NBM no. 162 of 08.08.13, Official Monitor of RM no. 182-185/23.08.13 art.1287)
(Item 2, sub item 2.6 amended by the Decision of the CA of the NBM no.  228 of 27.09.12, Official Monitor no. 222-227/26.10.12 art.1276; effective as of 01.01.13)
(Item 2, sub item 2.6 amended by the Decision of the CA of the NBM no. 153 of 29.07.10, Official Monitor of RM no. 163-165/10.09.10 art.610; effective as of 01.11.10)
(Item 2, sub item 2.6 amended by the Decision of the CA of the NBM no. 5 of 15.02.09, Official Monitor of RM no. 7-9/20.01.09 art.16)
(Item 2, sub item 2.6 amended by the Decision of the CA of the NBM no. 316 of 30.11.06, Official Monitor of RM no. 186-188/08.12.06 art.664)

2.7. The Contract on participation in AIPS shall be concluded after receiving the positive result of testing of participant’s functional and technical capacities of interaction with AIPS.
(Item 2, sub item 2.7 edited by the Decision of the EB of the NBM no. 118 of 04.05.17, Official Monitor of RM no. 155 – 161/19.05.2017, art. 933, effective as of 19.07.17)
(Item 2, sub item 2.7 amended by the Decision of the CA of the NBM no. 139 of 14.06.07, Official Monitor of RM no.94-97/06.07.07 art.429, effective as of 01.11.07)

2.8. The Technical document contains the information on: formats of messages used in AIPS; schemes and technical features of performing payments, interpellations, other types of operations; the way of interaction with AIPS; other relevant technical information.

2.9. A settlement account shall be opened and an identification code shall be assigned for each AIPS participant. An identification code shall be assigned to the State Treasury within the Ministry of Finance as the mandated participant but no bank account shall be opened. The information on settlement accounts and identification codes shall be made available to participants through AIPS facilities.
(Item 2, sub item 2.9 amended by the Decision of the EB of the NBM no. 118 of 04.05.17, Official Monitor of RM no. 155 – 161/19.05.2017, art. 933, effective as of 19.07.17)
(Item 2, sub item 2.9 amended by the Decision of the EB of NBM no. 158 of 16.06.2016, Official Monitor of RM no. 184 – 192/01.07.2016, art. 1151)
(Item 2, sub item 2.9 edited by the Decision of the CA of the NBM no. 162 of 08.08.13, Official Monitor of RM no. 182-185/23.08.13 art.1287)

2.10. The settlement account of a licensed bank and of Settlement Centre from Tiraspol is the LORO account, the settlement account of the National Securities Depository of Republic of Moldova is the current account, while the settlement account of the State Treasury within the Ministry of Finance is the single treasury account opened in NBM records in accordance with the Chart of accounts of the book-keeping of the National Bank of Moldova.
(Item 2, sub item 2.10 amended by the Decision of the EB of the NBM no. 118 of 04.05.17, Official Monitor of RM no. 155 – 161/19.05.2017, art. 933, effective as of 19.07.17)
(Item 2, sub item 2.10 amended by the Decision of the CA of the NBM no.  228 of 27.09.12, Official Monitor of RM no. 222-227/26.10.12 art.1276; effective as of 01.01.13)
(Item 2, sub item 2.10 amended by the Decision of the CA of the NBM no.  5 of 15.02.09, Official Monitor of RM no. 7-9/20.01.09 art.16)
(Item 2, sub item 2.10 amended by the Decision of the CA of the NBM no.  316 of 30.11.06, Official Monitor of RM no. 186-188/08.12.06 art.664)

2.11. For the entities that carry out their financial activity under a license issued according to the effective law,an identification code is assigned by the system administrator after the issuance of the license. The identification code of the branch of the licensed bank is assigned by the system administrator upon bank’s request after the state registration of the branch in conformity with the legislation in effect.
(Item 2, sub item 2.11 amended by the Decision of the EB of the NBM no. 118 of 04.05.17, Official Monitor of RM no. 155 – 161/19.05.2017, art. 933, effective as of 19.07.17)

2.12. The participant’s identification code consists of 8 characters, according to SWIFT procedures, while the identification code of the participant’s branch consists of 11 characters. For the bank under liquidation which participates in AIPS, the identification code is assigned in accordance with the internal procedures of the National Bank of Moldova, which is made known to all the participants after the assignation.
(Item 2, sub item 2.12 edited by the Decision of the CA of the NBM no. 228 of 27.09.12, Official Monitor of RM no. 222-227/26.10.12 art.1276; effective as of 01.01.13)

2.13. The participants send to AIPS payment documents on own behalf and account or on behalf of their customers indicating the respective transaction code, ensuring the correctness and the veracity of the submitted payment documents data. The transaction code is indicated according to Attachment no.1 to this Regulation. The State Treasury within the Ministry of Finance as the mandated participant shall transmit the payment documents in AIPS, only in the name and on behalf of participants in AIPS.
(Item 2, sub item 2.13 amended by the Decision of the EB of the NBM no. 118 of 04.05.17, Official Monitor of RM no. 155 – 161/19.05.2017, art. 933, effective as of 19.07.17)
(Item 2, sub item 2.13 amended by the Decision of the CA of the NBM no. 162 of 08.08.13, Official Monitor of RM no. 182-185/23.08.13 art.1287)

2.14. AIPS participants carry out their activity according to the AIPS operational day schedule presented in Attachment no.2 to this Regulation, available through AIPS facilities. The National Bank of Moldova may establish special operational days for AIPS, which are optional for the participants. If the AIPS participants decide not to operate during the special operational days established by the National Bank of Moldova, they shall register in the beneficiary’s account the funds transferred during special operational day at the latest by the end of the next operational day.
(Item 2, sub item 2.14 amended by the Decision of the CA of the NBM no. 190 of 25.09.2014, Official Monitor of RM no. 325-332/31.10.14, art. 1530)

2.15. In the event of some unforeseen circumstances of functional or technical nature, the system administrator has the right to modify the AIPS operational day schedule, with prior notification of participants. The participants shall manage efficiently their software and hardware used for interaction with AIPS, as well as complementary facilities, and in case of their failure shall promptly notify the system administrator about the incident and shall immediately undertake appropriate measures provided for in the Technical document.
(Item 2, sub item (2.16) -(2.17) excluded from the Decision of the CA of the NBM no. 228 of 27.09.12, Official Monitor of RM no. 222-227/26.10.12 art.1276; effective as of 01.01.13)
(Item 2, sub item 2.15 amended by the Decision of the CA of the NBM no. 139 of 14.06.07, Official Monitor of RM no. 94-97/06.07.07 art. 429, effective as of 01.11.07)

2.18. Participant shall cease its activity in AIPS in one of the following circumstances:
b)  revocation of license of financial activity;
c)  termination of the contract on participation in AIPS in other cases than that mentioned above.
(Item 2, sub item 2.18 amended by the Decision of the EB of the NBM no. 118 of 04.05.17, Official Monitor of RM no. 155 – 161/19.05.2017, art. 933, effective as of 19.07.17)
(Item 2, sub item 2.18 amended by the Decision of the CA of the NBM no. 153 of 29.07.10, Official Monitor of RM no. 163-165/10.09.10 art.610; effective as of 01.11.10)

2.19. On the day of cessation of AIPS participant’s activity, in cases provided for in item 2.18 letter b), the National Bank of Moldova shall ensure the processing of all payment documents sent by the participant in the system until the moment when AIPS administrator is informed about the decision on the revocation of the license, and shall transfer, at the end of the respective AIPS operational day, the balance of the participant’s settlement account on a special account opened with the National Bank of Moldova records.
(Item 2, sub item 2.19 edited by the Decision of the EB of the NBM no. 118 of 04.05.17, Official Monitor of RM no. 155 – 161/19.05.2017, art. 933, effective as of 19.07.17)
(Item 2, sub item 2.19 edited by the Decision of the CA of the NBM no. 153 of 29.07.10, Official Monitor of RM no. 163-165/10.09.10, art.610; effective as of 01.11.10)
(Item 2, sub item 2.19 amended by the Decision of the CA of the NBM no. 23 of 29.01.09, Official Monitor of RM no. 49-50/06.03.09, art.205, effective as of 01.06.09)

2.191. The procedure applied in AIPS following the termination of contract of AIPS participation in other cases than the revocation of the participant’s license shall be identical to the procedure applied in case of revoking the participant’s license.
(Item 2, sub item 2.191 added by the Decision of the EB of the NBM no. 118 of 04.05.17, Official Monitor of RM no. 155 – 161/19.05.2017, art. 933, effective as of 19.07.17)

2.20. The National Bank of Moldova shall notify through the system’s facilities all participants about any cessation of participation to AIPS.
(Item 2, sub item (2.17) -(2.20) added by the Decision of the CA of the NBM no. 139 of 14.06.07, Official Monitor of RM no. 94-97/06.07.07, art.429; item (2.17) becomes item (2.21), effective as of 01.11.07)

2.21. Banks in the process of liquidation submit payment documents to the National Bank of Moldova in paper-based form or in any other form established by NBM.
(Item 2, sub item 2.21 amended by the Decision of the CA of the NBM no. 153 of 29.07.10, Official Monitor of RM no. 163-165/10.09.10, art.610; effective as of 01.11.10)

2.22. Banks under liquidation can participate in AIPS in case of an urgent necessity for paying debts owed to a large number of depositors or in other circumstances that require urgent transfer of a large number of payments. The participation in the system of the bank under liquidation shall not exceed 6 months from the moment of concluding the contract on participation in AIPS. At the request of the liquidator of the bank under liquidation, the National Bank of Moldova (where there are objective reasons) may extend the participation in AIPS of the bank under liquidation after the expiry of above mentioned period.
(Item 2, sub item 2.22 added by the Decision of the CA of the NBM no. 153 of 29.07.10, Official Monitor of RM no. 163-165/10.09.10, art.610; effective as of 01.11.10)

 

CHAPTER II.
Organization of activity within the Real-Time Gross Settlement System

3. Operating and processing mode

3.1. The RTGS system operates according to the principle of gross settlement, carrying out the processing and settlement of each payment document on an individual basis.

3.2. The stages of the processing of a payment document in the RTGS system are as follows:
a) participant initiates and sends payment document to the system;
b) the system carries out the technical validation of the document;
c) the system carries out technical acceptance of the document with appropriate participant notification. The moment the payment document is accepted in the system is the moment it enters the system, provided in Law no 183 of July 22, 2016;
d) the system verifies the availability of funds in the settlement account and accepts the document for settlement or puts it in queue, as appropriate. Once the document is accepted for settlement, the money transfer cannot be revoked, thus being ensured the final settlement of the document;
e) the document is finally settled.
There is no clear difference between the moment of accepting the document for settlement and its final settlement in RTGS.
(Item 3, sub item 3.2 edited by the Decision of the EB of the NBM no. 118 of 04.05.17, Official Monitor of RM no. 155 – 161/19.05.2017, art. 933, effective as of 19.07.17)

3.3. The RTGS system processes the following payment document:
a) payment orders related to urgent and large-value transfers;
b) collection orders related to incontestable collection according to normative acts in effect.

3.4. Payment documents sent to RTGS system are not subject to any quantitative or value restrictions.

3.5. Payment documents are sent by participants to the system in the form of payment messages through the interbank data network. The payment messages sent to the RTGS system shall be of SWIFT format.

4. Priorities and queue

4.1. Depending on the effective level of payments processing and the probability of queuing the payments, the participants assign priorities to payment documents.
(Item 4, sub item 4.1 edited by the Decision of the CA of the NBM no. 23 of 29.01.09, Official Monitor of RM 49-50/06.03.09, art.205, effective as of 01.06.09)

4.2. The types of priorities assigned by participants to payment documents sent to the RTGS system must correspond to the requirements stated in Attachment no.3 to this Regulation.
(Item 4, sub item 4.2 edited by the Decision of the CA of the NBM no. 23 of 29.01.09, Official Monitor of RM no. 49-50/06.03.09, art.205, effective as of 01.06.09)

4.3. If the funds available in settlement account of a participant are not sufficient to settle a payment document, this document will be queued by the RTGS system according to its priority assigned by the participant.

4.4. Upon crediting the settlement account of the participant having queued payment documents, the system re-processes these documents according to assigned priorities and the FIFO ("first in, first out") rule.
(Item 4, sub item 4.4 amended by the Decision of the CA of the NBM no. 23 of 29.01.09, Official Monitor of RM no. 49-50/06.03.09, art.205, effective as of 01.06.09)

4.5. The initiating participant may cancel the queued payment documents. According to its internal procedures, the participant may modify the priority of the queued payment document in order to change the sequence of its settlement.
(Item 4, sub item 4.5 amended by the Decision of the CA of the NBM no. 32 of 29.01.09, Official Monitor of RM no. 49-50/06.03.09, art.205, effective as of 01.06.09)

4.6. The queued payment documents, which cannot be settled until the moment of payments processing finalising in AIPS will be automatically cancelled by the system with the participants’ appropriate notification.

5. Finality of the payment documents’ settlement

5.1. The payment document is finally settled for the paying participant in the moment of debiting its settlement account and for the beneficiary participant in the moment of crediting its settlement account.

5.2. The RTGS system does not initiate return of finally settled payment document even if it was sent by mistake. The paying back of the amount of the payment document that was erroneously sent is performed by the beneficiary participant on demand of the initiating participant or in the event that a document contains incorrectly indicated fiscal code and /or bank account of the beneficiary.
(Item 5 sub item 5.2 amended by the Decision of the EB of the NBM no. 158 of 16.06.2016, Official Monitor of RM no. 184 – 192/01.07.2016, art. 1151)

5.3. The beneficiary participant pays back to the initiating participant the amount of the erroneously sent payment document, by initiating a new payment document containing the respective transaction code (014) and reference to the erroneously sent payment document.

5.4. Paying back of the amounts of the erroneously sent payment documents in favour of the national public budget shall be executed according to the provisions of the legislation in effect.

6. Credit facilities

6.1. For the purpose of managing the liquidity risk within AIPS, the National Bank of Moldova extends to licensed banks intraday credits, as overdraft on the settlement account, and overnight credits.

6.2. The intraday credit extended by NBM shall be paid off by the bank prior to the beginning of the stage “Overnight operations” of the AIPS operational day.

6.3. The intraday credit extended to the bank and not paid off before the beginning of the stage “Overnight operations” shall be automatically transformed by the RTGS system into overnight credit.

6.4. The overnight credit shall be paid off on the working day following the day of its obtaining, prior to other payments.

6.5. The conditions of extension of intraday and overnight credits shall be established according to NBM normative acts.

7. Participants’ information

7.1. With a view of monitoring of the activity within the RTGS system, the participants have at their disposal the possibility of obtaining the following information:
a) the balance on the settlement account;
b) the queue on the settlement account;
c) overdraft limit;
d) reports on performed operations.
(Item 7, sub item 7.1 amended by the Decision of the CA of the NBM no. 139 of 14.06.07, Official Monitor of RM no. 94-97/06.07.07, art.429, effective as of 01.11.07)
(Item 7, sub item 7.1 amended by the Decision of the CA of the NBM no. 316 of 30.11.06, Official Monitor of RM no. 186-188/08.12.06, art.664)

7.2. The information mentioned in item 7.1 of this Regulation shall be provided to participants via system messages and interactive review facilities of the system.
(Item 7, sub item 7.2 amended by the Decision of the CA of the NBM no. 23 of 29.01.09, Official Monitor of RM no. 49-50/06.03.09, art.205, effective as of 01.06.09)
(Item 7, sub item 7.2 amended by the Decision of the CA of the NBM no. 139 of 14.06.07, Official Monitor of RM no. 94-97/06.07.07, art.429, effective as of 01.11.07)
(Item 7, sub item 7.2 amended by the Decision of the CA of the NBM no. 316 of 30.11.06, Official Monitor of RM no. 186-188/08.12.06, art.664)

 

CHAPTER III.
Organisation of the activity within the Designated-Time Net Settlement System

(Title of Chapter III amended by the Decision of the EB of the NBM no. 118 of 04.05.17, Official Monitor of RM no. 155 – 161/19.05.2017, art. 933, effective as of 19.07.17)

8. Operating and processing mode

8.1. The DNS system operates according to the designated-time net settlement principle carrying out the clearing of payments sent by participants and sending of the clearing results to be settled in the RTGS system at a designated time.

8.2. The DNS system processes the following payment documents:
a) payment orders related to credit transfers;
b) payment orders related to direct debiting.
(Item 8, sub item 8.2 letter b) amended by the Decision of the CA of the NBM no. 162 of 08.08.13, Official Monitor of RM no. 182-185/23.08.13, art.1287)

8.3. The participants make up batches of payment documents based on the payment documents received from their customers, and then send them to the DNS system via the interbank data network in the form of payment messages. The payment messages sent to the DNS system shall be of SWIFT format.
(Item 8, sub item 8.3 amended by the Decision of the CA of the NBM no. 23 of 29.01.09, Official Monitor of RM no. 49-50/06.03.09, art.205, effective as of 01.06.09)

8.3.1 Depending on the probability of the lack of available funds to settle the net final position, the participants assign priorities to batches of payment documents.

8.3.2 The types of priorities assigned by participants to batches of payment documents sent to the DNS system must correspond to the requirements stated in Attachment no.3 to this Regulation.
(Item 8, sub item 8.31-8.32 added by the Decision of the CA of the NBM no. 23 of 29.01.09, Official Monitor of RM no. 49-50/06.03.09, art.205; effective as of 01.06.09)

8.4. A batch of payment documents have to contain exclusively the payment documents addressed to the same beneficiary participant. The maximal value of the payment document accepted by the DNS system from participants, except the State Treasury within the Ministry of Finance as the mandated participant is MDL 50,000. The maximal value of the payment document initiated and sent by the State Treasury within the Ministry of Finance as the mandated participant and accepted by the DNS system is MDL 250,000.
(Item 8, sub item 8.4 amended by the Decision of the EB of the NBM no. 118 of 04.05.17, Official Monitor of RM no. 155 – 161/19.05.2017, art. 933, effective as of 19.07.17)
(Item 8, sub item 8.4 amended by the Decision of the EB of NBM no. 158 of 16.06.2016, Official Monitor of RM no. 184 – 192/01.07.2016, art. 1151)

8.5. During the AIPS operational day, the DNS system ensures the possibility of performing 2 clearing sessions in conformity with the AIPS operational day schedule. A clearing session has the following processing stage:
a) Sending of payment documents;
b) Verification of payment documents;
c) Pre-clearing;
d) Clearing.
(Item 8, sub item 8.5 amended by the Decision of the CA of the NBM no. 162 of 08.08.13, Official Monitor of RM no. 182-185/23.08.13, art.1287)

8.6. Within the stage “Sending of payment documents” the participants send batches of payment documents for the respective clearing session, payment documents are approved and accepted by the system with corresponding information of the participant. The moment the payment documents are accepted is the moment they enter the system, as provided in Law no. 183 of July 22, 2016.

The participants, in real time, can view preliminary net positions and reserve funds for covering net debit positions. After the payment documents have been accepted, the participants, as in accordance with their internal procedures, can also modify the priorities assigned to batches of payment documents or revoke the batches sent for the respective clearing session.
(Item 8, sub item 8.6 edited by the Decision of the EB of the NBM no. 118 of 04.05.17, Official Monitor of RM no. 155 – 161/19.05.2017, art. 933, effective as of 19.07.17)
(Item 8, sub item 8.6 edited by the Decision of the CA of the NBM no. 23 of 29.01.09, Official Monitor of RM no. 49-50/06.03.09, art.205; effective as of 01.06.09)
(Item 8, sub item.8.6 amended by the Decision of the CA of the NBM no. 139 of 14.06.07, Official Monitor of RM no. 94-97/06.07.07, art.429; effective as of 01.11.07)

8.6.1 Within the stage “Verification of payment documents”, participants may check and cancel certain orders and/or batches of direct debiting payment orders, and may transmit batches of payment documents for credit transfer and may see in real time the preliminary net positions and reserve funds to cover net debit positions. Participants, in accordance with their internal procedures, may also change the priority assigned to batches of payment documents for transfer of credit or may revoke the batches sent to the respective clearing session.
(Item 8, sub item 8.61 added by the Decision of the CA of the NBM no. 162 of 08.08.13, Official Monitor of RM no. 182-185/23.08.13, art.1287)

8.7. Within the stage “Pre-clearing” the DNS system informs the participants of the net positions calculated for the respective clearing session and reserves on the participants’ settlement accounts the necessary funds to cover the net debit positions. Payment documents included in net positions calculated for the respective clearing session cannot be revoked by the participants in the respective clearing session.
(Item 8, sub item 8.7 amended by the Decision of the EB of the NBM no. 118 of 04.05.17, Official Monitor of RM no. 155 – 161/19.05.2017, art. 933, effective as of 19.07.17)

8.8. Within the stage “Clearing” the DNS system calculates the final net positions for respective clearing session based on the level of covering of the net debit positions. The batches of payment documents are included in the calculation of the final net positions according to assigned priorities and the FIFO rule and respectively the payment documents of these batches are accepted for settlement. Payment documents included in the final net positions cannot be revoked.
(Item 8, sub item 8.8 amended by the Decision of the EB of the NBM no. 118 of 04.05.17, Official Monitor of RM no. 155 – 161/19.05.2017, art. 933, effective as of 19.07.17)
(Item 8, sub item 8.8 edited by the Decision of the CA of the NBM no. 23 of 29.01.09, Official Monitor of RM no. 49-50/06.03.09, art.205; effective as of 01.06.09)
(Item 8, sub item 8.8 edited by the Decision of the CA of the NBM no. 139 of 14.06.07, Official Monitor of RM no. 94-97/06.07.07, art.429; effective as of01.11.07)

8.8.1 The payment documents, which were not accepted for settlement in the first clearing session, will be automatically sent by the DNS system for processing in the second clearing session. The payment documents, which were not accepted for settlement in the second clearing session, will be sent by the participant for settlement in the RTGS system.
(Item 8, sub item 8.8 1 added by the Decision of the CA of the NBM no. 23 of 29.01.09, MO49-50/06.03.09, art.205; effective as of 01.06.09)

8.9. The final settlement of payment documents accepted for settlement takes place at the moment of debiting the settlement account of paying participant with the value of the net debit position and of crediting the settlement account of the beneficiary participant with the value of the net credit position.

8.10. The DNS system does not return finally settled payment documents even if they were sent by mistake. The paying back of the amount of the payment documents sent erroneously in the DNS system is performed similarly to paying back procedures established for the RTGS system, according to the provisions of items 5.2-5.4 of this Regulation.
(Item 8, sub item 8.10 amended by the Decision of the CA of the NBM no. 23 of 29.01.09, Official Monitor of RM no. 49-50/06.03.09, art.205; effective as of 01.06.09)
(Item 8, sub items (8.9)-(8.10) added by the Decision of the CA of the NBM no. 139 of 14.06.07, Official Monitor of RM no. 94-97/06.07.07, art.429; effective as of 01.11.07)

8.101 If within the “Clearing” stage from the second clearing session the participant did not cover its net debit position, the right to make payments through DNS system is suspended for the participant and it shall make its payments exclusively through RTGS system for a period of 20 operational days. During this period, the participant shall not have the right to modify the tariffs for the payment documents received from the clients with the purpose of transferring the payments through AIPS. All the payments received from the participants’ clients during this period (20 operational days) shall be executed through RTGS system (regardless the type of transfer: urgent or normal).
(Item 8, sub item 8.101 amended by the Decision of the EB of the NBM no. 118 of 04.05.17, Official Monitor of RM no. 155 – 161/19.05.2017, art. 933, effective as of 19.07.17)
(Item 8, sub item 8.10 1added by the Decision of the CA of the NBM no. 228 of 27.09.12, Official Monitor of RM no. 222-227/26.10.12, art.1276; effective as of 01.01.13)
(Item 8.10. amended by the Decision of the CA of the NBM no. 23 of 29.01.09, Оfficial Monitor of RM no, 49-50/06.03.09, art.205; effective as of 01.06.09]

(Item 9 excluded by the Decision of the CA of the NBM no. 32 of 29.01.09, Official Monitor of RM no. 49-50/06.03.09, art.205; effective as of 01.06.09)

10. Peculiarities of processing the batches of direct debiting payment orders
(Item 10 amended the Decision of the CA of the NBM no. 162 of 08.08.13, Official Monitor of RM no. 182-185/23.08.13, art.1287)

10.1. The batches of direct debiting payment orders shall be sent to the DNS system in the clearing day and session in which these will be cleared and settled in AIPS. 
(Item 10, sub item 10.1 amended the Decision of the CA of the NBM no. 162 of 08.08.13, Official Monitor of RM no, 182-185/23.08.13, art.1287)
(Item 10, sub item 10.1 amended the Decision of the CA of the NBM no. 153 of 29.07.10, Official Monitor of RM no. 163-165/10.09.10, art.610; effective as of 01.11.10)

10.2. The batches of direct debiting payment orders received from the beneficiary participant or initiated and transmitted by the State Treasury within the Ministry of Finance as the mandated participant will be sent by the DNS system to the paying participant at the beginning of stage ”Verification of payment documents” of clearing session.
(Item 10, sub item 10.2 amended by the Decision of the EB of the NBM no. 118 of 04.05.17, Official Monitor of RM no. 155 – 161/19.05.2017, art. 933, effective as of 19.07.17)
(Item 10, sub item 10.2 amended the Decision of the CA of the NBM no. 162 of 08.08.13, Official Monitor of RM no. 182-185/23.08.13, art.1287)

10.3. Upon the receipt of the batch of direct debiting payment orders the paying participant has to verify the possibility of executing of all the direct debiting payment orders included in the batch and, in case of non-acceptance of one or more orders, to notify the DNS system prior to finalizing of the stage “Verification of payment documents” of respective clearing session.
(Item 10, sub item 10.3 amended the Decision of the CA of the NBM no. 162 of 08.08.13, Official Monitor of RM no. 182-185/23.08.13, art.1287)

10.4. If a batch of direct debiting payment orders or some payment orders from it are not rejected by paying participant in compliance with item 10.3 of this Regulation corresponding orders will be considered accepted for clearing in the DNS system and will be executed in the same clearing session in which they were received.
(Item 10, sub item 10.4 amended the Decision of the CA of the NBM no. 162 of 08.08.13, Official Monitor of RM no. 182-185/23.08.13, art.1287)
(Item 10, sub item 10.4 amended the Decision of the CA of the NBM no. 23 of 29.01.09, Official Monitor of RM no. 49-50/06.03.09, art.205; effective as of 01.06.09)

10.5. Participants can use the direct debiting payment orders within the DNS system provided they have solicited the system administrator for this.
(Item 10, sub item 10.5 amended the Decision of the CA of NBM no. 162 of 08.08.13, Official Monitor of RM no. 182-185/23.08.13, art.1287)

11. Participants information

11.1. With the purpose of monitoring of the activity within the DNS system, the participants have the possibility to obtain the following information:
a) the batches of payment documents that are accepted or rejected by the system;
b) net position;
c) value of reserved funds for covering the net debit position;
d) report on the clearing session results.
(Item 11, sub item 11.1 amended by the Decision of the CA of the NBM no. 139 of 14.06.07, Official Monitor of RM no. 94-97/06.07.07, art.429; effective as of 01.11.07)
(Item 11, sub item 11.1 amended by the Decision of the CA of the NBM no. 316 of 30.11.06, Official Monitor of RM no. 186-188/08.12.06, art.664)

11.2. The information mentioned in item 11.1 of this Regulation is provided to participants through the system messages and the system interactive review facilities.
(Item 11, sub item 11.2 amended by the Decision of the CA of the NBM no. 23 of 29.01.09, Official Monitor of RM no. 49-50/06.03.09, art.205; effective as of 01.06.09)
(Item 11, sub item 11.2 amended by the Decision of the CA of the NBM no. 139 of 14.06.07, Official Monitor of RM no. 94-97/06.07.07, art.429;effective as of 01.11.07)
(Item 11, sub item 11.2 amended by the Decision of the CA of the NBM no. 316 of 30.11.06, Official Monitor of RM no. 186-188/08.12.06, art.664)

 

Chapter III1
PROCEDURE UNDERTAKEN BY AIPS ADMINISTRATOR IN CASE OF INITIATION OF PARTICIPANT’S INSOLVENCY PROCESS

11.11. The moment when the insolvency procedure can be started is set in art. 9 of Law no 183 of July 22, 2016.

11.12. Payment documents sent to AIPS for processing prior to inform the AIPS administrator about the decision to start an insolvency procedure, shall be processed for final (definitive) settlement, pursuant to this regulation.

11.13. Payment documents sent for processing after the AIPS administrator has been informed about the decision to start an insolvency procedure shall be rejected by AIPS.
(Chapter III added by the Decision of the EB of the NBM no. 118 of 04.05.17, Official Monitor of RM no. 155 – 161/19.05.2017, art. 933, effective as of 19.07.17)

 

CHAPTER IV.
Final and transitory provisions

(Sub item 12.1 excluded by the Decision of the EB of NBM no. 158 of 16.06.2016, Official Monitor of RM no. 184 – 192/01.07.2016, art. 1151)

12.2. For services rendered within AIPS, the National Bank of Moldova shall collect commissions from participants in accordance with “Tariffs for the payments processed in AIPS” (Attachment no.4 of this Regulation).

12.3. Each participant shall receive monthly a report on the evidence of commissions charged by NBM for services rendered within AIPS.

12.4. The National Bank of Moldova shall charge commissions for the services rendered within AIPS based on the mandate granted by participants in conformity with the Contract on participation in AIPS.

12.5. If some unforeseen circumstances regarding accessibility of the channels of communication of interbank data network occur, the participants shall present payment messages through electronic carriers in conformity with the procedures established by the NBM.
(Item 12, sub item 12.5 amended by the Decision of the EB of the NBM no. 118 of 04.05.17, Official Monitor of RM no. 155 – 161/19.05.2017, art. 933, effective as of 19.07.17)
(Item 12, sub item 12.5 amended by the Decision of the CA of the NBM no. 228 of 27.09.12, Official Monitor no. 222-227/26.10.12, art.1276; effective as of 01.01.13)
(Item 12, sub item 12.5 amended by the Decision of the CA of the NBM of NBM no. 5 of 15.02.09, Official Monitor of RM no. 7-9/20.01.09, art.16)
(Item 12, sub item 12.5 amended by the Decision of the CA of the NBM no 316 of 30.11.06, Official Monitor of RM no. 186-188/08.12.06, art.664)

12.6. The participants shall undertake appropriate measures to ensure the continuity of the interaction processes with AIPS in case of contingencies, according to the procedures provided in the Technical document. The National Bank shall, at least once a year, test the AIPS participants’ capacity to react to contingencies stipulated in the Technical document, upon prior notification of participants with regard to test date.
(Item 12, sub item 12.6 added by the Decision of the CA of the NBM no. 23 of 29.01.09, Official Monitor of RM no. 49-50/06.03.09, art.205; effective as of 01.06.09)

 

Annexes:       _____PDF,       _____DOC.

 

 

* List of normative acts which amended and/or completed the Regulation on automated interbank payment system

1. Decision of the CA of NBM, no.316 of November 30, 2006 (Official Monitor of the Republic of Moldova no. 186-188/664 of December 8, 2006, effective as of March 1, 2007);

2. Decision of the CA of NBM, no.139 of June 14, 2007 (Official Monitor of the Republic of Moldova no. 94-97/429 of July 6, 2007, effective as of November 1, 2007);

3. Decision of the CA of NBM, no.152 of July 31, 2008 (Official Monitor of the Republic of Moldova no. 174/503a of September 16, 2008, effective as of the date of publication);

4. Decision of the CA of NBM, no.5 of January 15, 2009 (Official Monitor of the Republic of Moldova no. 7-9/16 of January 20, 2009);

5. Decision of the CA of NBM, no.23 of January 29, 2009 (Official Monitor of the Republic of Moldova no. 49-50/205 of March 6, 2009, effective as of June 1, 2009);

6. Decision of the CA of NBM, no.153 of July 29, 2010 (Official Monitor of the Republic of Moldova no. 163-165/610 of September 10, 2010, effective as of November 1, 2010);

7. Decision of the CA of NBM, no.228 of September 27, 2012 (Official Monitor of the Republic of Moldova no. 222-227/1276 of October 26, 2012, effective as of January 1, 2013);

8. Decision of the CA of NBM, no. 162 of August 8, 2013 (Official Monitor of the Republic of Moldova no. 182-185/1287 of August 23, 2013, effective as of the date of publication);

9. Decision of the CA of NBM, no. 190 of September 25, 2014 (Official Monitor of the Republic of Moldova no. 325-332/1530 din October 31, 2014, effective as of the date of publication);

10. Decision of EB of NBM no. 158 of 16.06.2016 (Official Monitor of the Republic of Moldova no. 184-192/1151 of 01.07.2016, effective as of 01.08.2016);

11. Decision of the EB of the NBM no. 118 of 04.05.17 (Official Monitor of Republic of Moldova no. 155 – 161/19.05.2017, art. 933, effective as of 19.07.17).