Interbank Clearing System (ICS) is a clearing system for retail payments in the small amounts. In the specified system all payments are made on net basis. The main direction of ICS consists in conducting a large quantity of retail payments in the small amounts. ICS is carried out on multilateral basis without preliminary depositing of amounts at the participant’s account. At that the limitation for maximum amount of one payment equal to 5 mln. KZT is established in the system.
The value date can be used in the system, i.e. to send to the system payment documents with future date of payment up to three days. Documents received with future value date are stored in the system till the arrival of specified date, after that they are processes in clearing. This gives the participants an opportunity to plan their liquidity in advance. Money transfers upon the clearing results are carried out in ISMT. Each participant of the system has access to information about all his payments available in the system.
New operational day of ICS begins at 16:00. Reception of documents into the system is carried out on around-the-clock basis. The feature of ICS consists in the fact that payment documents are not processed individually, but lined up in queue till the moment settlement also according to FIFO principle. Clearing participants have an opportunity to withdraw payment document sent to the system till closing of transaction day.
Settlement in respect of counter claims of the system’s participants with current date of payment is carried out once per day from 15:00 till 16:00. At that offset of payment documents is executed in accordance with priority codes, and within the limits of one priority code payment documents are processed in the order of their queue entry.
Net position of each participant is defined upon the results of clearing. Net debit position of clearing participant shall not exceed available for this participant in ISMT. In the event of money insufficiency in ISMT for making final settlement, the payments standing in ICS in a queue with smaller priority are cancelled. The final money transfer upon clearing results is carried out through ISMT. Upon completion of money transfer a new transaction day of clearing system begins.
More detailed information about the functioning ICS and operational day of clearing is provided on the site of KISC: www.kisc.kz