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26.10.2012

Regulation on oversight of automated interbank payment system, approved by the DCA of the NBM no. 154 of June 28, 2007

Note: The translation is unofficial, for information purpose only

Published in the Official Monitor of the Republic of Moldova no.131-135, of August 24, 2007, Article 514

 

Registered
at Ministry of Justice
of the Republic of Moldova
No.496 of August 14, 2007

 

REGULATION
ON OVERSIGHT OF AUTOMATED INTERBANK PAYMENT SYSTEM

Amended by:

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.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

 

CHAPTER I.
General provisions

1. General provisions
1.1. This Regulation is worked out pursuant to Articles 5 letter f) and 11 of the Law no.548-XIII of 21 July 1995 on the National Bank of Moldova and defines the procedure for the Automated Interbank Payment System oversight.
1.2. The provisions of this Regulation shall apply to the participants of the Automated Interbank Payment System (AIPS) and to the National Bank of Moldova as the AIPS administrator.
1.3. For the purpose of this Regulation:
(Item 1 sub item 1.3 modifed by theDecision of the CA of the NBM, no.228 of 27.09.2012, in force on 01.01.2013)

AIPS Service Bureau shall represent the means of sending and receiving of messages in the interest of the participants that do not have the possibility to connect directly to the system (by means of base or reserve channel) in accordance with the procedures set in the Technical document.
Gridlock shall mean the situation arising when settlement of queued payment documents is blocked due to the lack of sufficient funds in the participants’ settlement accounts.
AIPS participant shall mean the institution eligible to participate in AIPS according to the Regulation on Automated Interbank Payment System, approved by the Decision of the Council of administration of the National Bank of Moldova no.53 of 2 March 2006 (Official Monitor of the Republic of Moldova, 2006, no.39-42, art.144), with further amendments and additions.
(Item 1 sub item 1.3 paragraph 2) modified by the Decision of the CA of the NBM, no.153 of 29.07.2010, in force on 01.11.2010)

Risks related to activity in AIPS shall mean the risks to which the participants of the system may be exposed and which can disturb the participants’ activity in the system in case they are not managed adequately.
Automated Interbank Payment System shall represent the system through which the interbank payments in Moldovan Lei are performed on the territory of the Republic of Moldova, which is composed of the Real-Time Gross Settlement system (RTGS system) and the Designated-time Net Settlement system (DNS system).
1.4. The National Bank of Moldova, as the AIPS administrator, is responsible for ensuring the stability and efficiency of the Automated Interbank Payment System.
1.5. For the purpose of achieving the mentioned objective, the National Bank of Moldova shall oversee the activity in AIPS and shall undertake appropriate measures for mitigating the risks to which the participants of the system may be exposed.

CHAPTER II.
Risk management within the Automated Interbank Payment System

2. Types of risks
2.1. The AIPS participants may be exposed to liquidity risk and operational risk.
2.2. Liquidity risk arises when the funds available in the settlement account of a participant are not sufficient to perform the payments, including in case of net debit position settlement.
2.3. Operational risk arises in case of an inefficient management of AIPS software and hardware and errors caused by negligence, inattention and insufficient professional skills of the personnel responsible for the administration of procedures related to the activity in AIPS.
2.4. For the purpose of restricting the exposures to the risks related to the activity in AIPS, the participants shall undertake appropriate measures for risk management in conformity with this Regulation, the Contract on participation in AIPS and the Technical document for the participants of the Automated Interbank Payment System (hereinafter referred to as the Technical document).

3. Liquidity risk management
3.1. For the purpose of managing the liquidity risk within AIPS, the National Bank of Moldova shall:
a) provide the participants with necessary information relating to their activity in AIPS;
b) extend intraday /overnight credits to the licensed banks participating in AIPS, based on the monetary policy objectives;
c) initiate the automated gridlock resolution mechanism in case of gridlock of the payments of one or more participants to AIPS.
(Item 3 sub item 3.1 letter c) modified by the Decision of the CA of the NBM, no.153 of 29.07.2010, in force on 01.11.2010)
3.2. For the purpose of obtaining the information regarding the activity in the AIPS, the participants shall have the possibility to use the interactive visualization facilities of the system, as well as the possibility to make requests by means of system messages.
3.3. In case licensed banks that participate in AIPS do not have sufficient liquidity, the National Bank of Moldova can extend intraday credits, in the form of overdraft on the settlement account, and overnight credits to them.
3.4. Based on the monetary policy objectives, the National Bank of Moldova shall set limits on the use of intraday /overnight credits, which will be communicated to the licensed banks by means of AIPS facilities. The mode and conditions of extension of intraday /overnight credits are provided for in the Regulation on credit standing facilities extended by the National Bank of Moldova to banks.
3.5. National Bank of Moldova shall initiate the payments gridlock resolution mechanism at the level of participant, where during 2 hours there were not taken any actions to gridlock the queue that have accumulated two or more payments, except the case when the authorized persons submit to the participant's account collection orders that can not be executed due to insufficient funds. This mechanism allows to unlock the payments, regardless of their priority, according to the "by-pass FIFO" (first available - first executed).
Gridlock resolution mechanism based on "by-pass FIFO" principle shall be applied by the National Bank of Moldova also in the case of simultaneous gridlock of payments between two or more participants in the system.
(Item 3 sub item 3.5 modifed by theDecision of the CA of the NBM, no.228 of 27.09.2012, in force on 01.01.2013)
(Item 3 sub item 3.5 modified by the Decision of the CA of the NBM, no.153 of 29.07.2010, in force on 01.11.2010)
3.6. For managing the liquidity risk the participant in AIPS shall be obliged to perform:
a) the monitoring of the settlement account’s balance and turnover, as well as the queue to the settlement account;
b) the monitoring of net position calculated by DNS system;
c) the management of the queue to the settlement account, in the event of detecting the insufficiency of the funds available on the settlement account for the performance of payments.
3.7. The participant shall perform the on-line monitoring of the settlement account’s balance and turnover as well as the queue to the settlement account for the purpose of detecting a possible insufficiency of liquidity.
3.8. The participant shall carry out the monitoring of the net position calculated by DNS system in reasonable terms.
(Item 3 sub item 3.8 modifed by theDecision of the CA of the NBM, no.228 of 27.09.2012, in force on 01.01.2013)
(Item 3 sub item 3.8 modified by the Decision of the CA of the NBM, no.153 of 29.07.2010, in force on 01.11.2010)
3.9. The queue management shall be carried out with the view of optimizing the queued payment documents and increasing the settlement process efficiency. The participant which has queued payment documents to its settlement account can cancel one or more of the documents or can modify the priorities assigned to them.

4. Operational risk management
4.1. For the purpose of operational risk management, the participants and the National Bank of Moldova shall ensure the implementation of all appropriate measures for an efficient administration and exploitation of AIPS software and hardware, as well as for ensuring the activity continuity in contingency situations.
4.2. The participants shall carry out the administration and the exploitation of software and hardware used for interaction with AIPS in accordance with the provisions of the Technical document, especially by ensuring:
a) the appropriate measures for an efficient and secure performance of professional duties of the personnel involved in the administration and exploitation of software and hardware used for interaction with AIPS;
b) the compliance with the instructions, the specifications and the guidance on AIPS related to:
- the configuration of software and hardware used for interaction with AIPS;
- the way of connecting to AIPS with observance of the specified requirements relating to the communication channels;
- the compliance of payment messages and requests sent /received in /from AIPS with the established procedure of messages creation and messages format;
- the observance of the requirements related to the substitution of the symbols, which are forbidden for use in the AIPS payment messages;
c) the continuity of the processes regarding the interaction with AIPS, in particular:
- ensuring the reservation of the workstations used for the interaction with AIPS and the software /hardware components thereof, as well as for the components that ensure the functioning thereof (sources of uninterruptible power supply, etc.);
- ensuring the measures for the connection to AIPS through the backup channel in case of inaccessibility of the main channel;
- ensuring the measures concerning the use of AIPS Service Bureau, in case of impossibility of direct connection to AIPS;
- connecting to AIPS by the beginning of the “Execution of payments and clearing” stage of the AIPS operational day program;
- performing administration / maintenance of software/ hardware works besides the AIPS operational day, where these works could impact on the continuity of interaction with AIPS;
- sending of payment documents batches in the DNS system avoiding their accumulation (the initiation of sending the accumulated payment documents batches must be made at least one hour before the end of the “Sending of payment documents” stage to the respective clearing session);
- ensuring measures that would allow to make urgent payments through Web-monitoring service, in case the Internal information system fails to work.
(Item 4 sub item 4.2 letter c) modifed by theDecision of the CA of the NBM, no.228 of 27.09.2012, in force on 01.01.2013)
(Item 4 sub item 4.2 letter c) modified by the Decision of the CA of the NBM, no.153 of 29.07.2010, in force on 01.11.2010)
d) the security of software and hardware components utilized at the workstations used for the interaction with AIPS, in particular:
- the restriction of access to the workstations used for the interaction with AIPS and to the locations where they are installed;
- the use of the pairs of cryptographic keys by the users responsible for the interaction with AIPS and by the users-operators, with observance of the procedure of public keys’ certification at the authorized certification centre and the established security requirements;
- the transmission in AIPS of payment messages authenticated with digital signatures, by using the means of digital signature application placed at the disposal of participant by the National Bank of Moldova;
e) the observance of other requirements of the Technical document.
4.2.1 The use of AIPS Service Bureau and of Web-monitoring service for making payments shall be in conformity with the procedures established in the Technical document.
(Item 4 sub item 4.21introduced by theDecision of the CA of the NBM, no.228 of 27.09.2012, in force on 01.01.2013)
4.3. The National Bank of Moldova administrates and operates the AIPS software and hardware, as well as ensures the system’s continuity in accordance with the system’s exploitation and maintenance instructions and procedures.

 

Chapter III.
Oversight of the Automated Interbank Payment System

5. Organization of oversight
5.1. The oversight of the automated interbank payment system shall be carried out in two levels. The participants shall perform the first level of oversight, and the National Bank of Moldova shall perform the second level.
5.2. The AIPS participant shall ensure the oversight of the activity of the personnel responsible for the administration and operation of the software and hardware used for interaction with AIPS, as well as of the personnel responsible for the liquidity risk management.
5.3. Within AIPS oversight, the National Bank of Moldova shall perform the following:
a) assessment of the compliance of AIPS with the international standards and rules concerning systemically important payment systems;
b) oversight of the activity of the AIPS participants.

6. Procedure for the oversight conduct
6.1. In order to perform the oversight of the persons responsible for the administration and the operation of software and hardware used for interaction with AIPS, as well as of the persons responsible for the liquidity risk management, the participant shall work out the relevant internal procedures.
6.2. The mentioned procedures shall include all necessary provisions on obligations, rights and responsibilities of the persons involved in the activities regarding the participation in AIPS and shall comply with the requirements of AIPS risks management.
6.3.1 The participant shall ensure the monitoring of the interaction continuity with AIPS and incidents management that may have an impact on the continuity of AIPS.
(Item 6 sub item 6.31introduced by the Decision of the CA of the NBM, no.153 of 29.07.2010, in force on 01.11.2010)
6.3.2 Incidents produced within the participant's activity in AIPS should be registered and the measures taken to resolve them must be evaluated in terms of sufficiency and efficiency, in order to ensure the avoidance of similar incidents in the future and to ensure the continuity of participation in AIPS. The significant incidents (e.g. those affecting the availability of service for more than 30 minutes) shall be obligatory reported to participant’s administration.
(Item 6 sub item 6.32introduced by the Decision of the CA of the NBM, no.153 of 29.07.2010, in force on 01.11.2010)
6.4. With a view to ensure the compliance of AIPS with the international standards and rules, the National Bank of Moldova shall perform its recurrent assessments in accordance with the Core Principles for Systemically Important Payment Systems prepared by the Bank for International Settlements (Basel Principles).
(Item 6 sub item 6.4modifed by theDecision of the CA of the NBM, no.228 of 27.09.2012, in force on 01.01.2013)
6.5. If following the performed assessments it is necessary to develop the functional and technical characteristics of AIPS and /or of the procedures for the risks management, the National Bank of Moldova shall undertake the necessary actions for this purpose, with the respective notification of participants.
6.6. With a view to oversee the activity of the AIPS participants, the National Bank of Moldova shall act as follows:
a) monitor the activity of participants within the system;
b) assess the measures undertaken by the licensed banks participating in AIPS for the purpose of the management of risks related to activity in AIPS.
6.7. The monitoring of the activity of participants within the system shall be carried out in real time and shall have the purpose of operative detection of the problems that can generate major risks for participants or that could disturb the functioning of AIPS.
6.8. The monitoring of the AIPS participants’ activity shall include the following functions:
- the monitoring of the settlement account balances and turnover for the purpose of detecting the liquidity problems faced by the participants;
- the monitoring of the queues to the settlement account, for the purpose of preventing the gridlock in AIPS;
- the supervision of connections to the system, in order to detect the problems related to the AIPS access;
- other relevant actions.
6.9. For the purpose of assessment of the measures undertaken by the licensed banks participating in AIPS for the management of risks related to activity in AIPS, the National Bank of Moldova shall verify within on-site controls the compliance of banks with the requirements for risks management provided in this Regulation.

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