Skopje, 24 August 2023

The National Bank, as the operator and owner of the Macedonian Interbank Payment System (MIPS), made the first self-assessment of the harmonization of its operation with the requirements of the international principles[1]. The self-assessment report identifies that the system is harmonized with the requirements from the principles, which in the domestic regulations are translated into the Decision on the criteria for classification of payment systems, the standards for their operations and the requirements for a guarantee mechanism. The MIPS harmonization with the regulatory requirements in accordance with the international standards for payment systems operations, provides conditions for its safe functioning and adequate management of operational risks, which is crucial for the smooth execution of payments, and thus for the overall economic activity and stability of the financial system in the country. For the purposes of managing these risks, the National Bank has adopted a legal framework, which consists of decisions, rules and instructions for the participants and has established internal procedures and tools, which are explained in more details in the Report.

MIPS is a system for execution 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. MIPS has 20 participants and it maintains the accounts through which the participants settle the payment messages for the payments in denars, in real time and with the funds placed with the central bank.

MIPS is a systemically important payment system whose functioning is necessary for the operation and stability of financial institutions and markets, as well as for the economic development. Hence, special attention is paid to the management of the risks in its operations, such as: systemic, legal, credit, liquidity, operational and business risk. The role of MIPS in the Macedonian payment system is key as it provides an efficient flow of money in the economy. The speed and safety of making payments is the main advantage of its use, for the participants and their clients. Namely, the funds transfer orders are accepted continuously within the MIPS working hours, with only several minutes between sending the order by the participant and receiving the funds from another MIPS participant they are intended for, so that the payments are made during the workday.

The Report is available on the web site of the National Bank.