Payment systems in the Republic of Macedonia
Start of the New Payment System
On July 30, 2001, the functional implementation of one of the most complex reforms in the Republic of Macedonia, the Reform in the Payments System, commenced. This Reform is managed by a Steering Committee comprised of experts from the National Bank of the Republic of Macedonia, the Ministry of Finance, the banks, the Payment Operations Bureau and eminent professors from the Faculty of Economics in Skopje.
This start represents a beginning of a new payment system designed according to the payment systems of the countries with developed market economies. The new payment system enhances the competitive component of the banks and represents a prerequisite for implementing new banking products which increase the efficiency of the banks and the banking system as a whole. The competitiveness induces new IT tendencies in the banking operations. The reform enables more efficient monitoring and management of the liquidity of individual banks, as well better efficiency in conducting the monetary policy. On the other hand, if the fact that according to the Law on Payment Operations one legal entity may run several accounts in several banks is taken into consideration, the new payment system enables risk diversification from the aspect of one legal entity, which represents significant achievement of the financial system, as a whole. These features of the payment system represent a strong dynamical and developing component of the financial system of the country.
The previous payment system (effective until December 31, 2001) incorporated strong static components and limitations both regarding the options, as well as technological limitations, which represented an obstacle for the future development of the financial infrastructure and the financial system as a whole.
The implementation of the new payment system was encompassed a transitional period from July 30, 2001 until December 31, 2001, during which besides the implementation of the new systems – the RTGS system of the National Bank of the Republic of Macedonia and the Clearing House KIBS, the Payment Operations Bureau continued with its operations as a specific payment system. Namely, with the process of migration of the accounts from the Payment Operations Bureau to the banks, the volume of the operations of the POB decreased, at expense of the enlarged operations of the MIPS, KIBS and the banks’ internal systems. At the end of the transitional period, the POB was closed, and the payment system of the Republic of Macedonia started to function in its full capacity. The transitional period was regulated with the Manual for Performing Payment Operations during the transitional period, prescribed by the Governor of the National Bank of the Republic of Macedonia and the Minister of Finance.
The National Bank of the Republic of Macedonia has important functions in the new payment system, which are stipulated in the new Law on Payment Operation.