Role of the NBRM in payment system in the Republic of Macedonia
Operational function
The Macedonian Interbank Payment System - MIPS
Membership in MIPS
Membership in MIPS can be acquired by filing an Application for Participation in MIPS. After considering the application, the NBRM issues an Contract for Participation in MIPS and respective application forms to the participant. The participant signs the Contract and submits it to the National Bank of the Republic of Macedonia. Afterwards, the membership is approved in an internally prescribed procedure, by signing the Contract for participation by an authorized person in the National Bank of the Republic of Macedonia. After obtaining the Contract for Participation, the Participant should fill in the application forms and submit them to the National Bank of the Republic of Macedonia, after which it can use the MIPS.
In accordance with the Contract for Participation, the Participant is required to adhere to the MIPS operation rules. These rules are available to the public on the Web Site of the National Bank of the Republic of Macedonia, while all changes there are announced at least 15 days in advance. As an exception, the National Bank of the Republic of Macedonia may introduce a change on a shorter run, if all participants agree upon the change.
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