Macedonian Interbank Payment System - MIPS

MIPS is a system for settlement of large-value and urgent payments in denars in real time on a gross basis (RTGS - Real Time Gross Settlement System). MIPS began operating in July 2001.

The National Bank is the owner and operator of the system.

Payments settled in MIPS are final and irrevocable, and can be divided into three categories:

  1. customer-related payments where users (payer and/or receiver) are clients of the banks and the National Bank, which are participants in MIPS,

  2. bank to bank payments (both parties are banks and MIPS participants), and

  3. service payments (where a third party, eg clearing house, securities settlement system, card processor, is allowed to debit the account of an MIPS participant and to credit the amount to another MIPS participant).

The legal basis for the functioning of the MIPS is defined by the Law on Payment Operations. The rights and obligations of the National Bank and the system participants are regulated in detail by the Operating Rules of MIPS and the relevant documentation derived from these rules.

The MIPS functioning is necessary to ensure settlement of other payment systems, implementation of monetary policy, maintenance of soundness of financial institutions and markets and economic development. Therefore, MIPS is a systemically important payment system, and pursuant to the Law on Payment Operations and bylaws, it should be harmonized with internationally accepted standards for the payment system operations.