2. Override messages
Unauthorized Overdraft (Criticality Depend on Debit Account)
1. This type of message appears on Funds Transfer, Teller and
Data Capture applications.
2. This message indicate that balance of the account have gone
into overdraft.
3. Drawing Accounts
4. Assignment
5. Railway’s account
6. Bank’s account
3. Override messages.....
3
Cheque Number Not In Register (Critical)
1. This type of message appears on Funds Transfer,
Teller and Data Capture applications
2. This message indicates that particular cheque has not
been issued on the Debit Account
Cheque Presented (Critical)
Cheque Stopped (Critical)
4. Payment system;
Is the infrastructure (consisting of institutions,
instruments, rules, procedures, standards and
technical means) established to effect the transfer
of monetary value between parties discharging
mutual obligations
Payment system provides;
funds to be transferred and settled in efficient,
secure and controlled environments with
minimum risk factors.
5. Payment system-Clearing
The process of transmitting, reconciling and in
some cases confirming transactions prior to
settlement, potentially including the netting of
transactions and the establishment of final
positions for settlement
Payment systems-settlement
An act that discharges obligations in respect of
transfers of funds or financial instruments
between two or more parties.
6. RTGS
The continuous (real time) settlement of funds
individually on an order basis(without netting)
7. High value and retail payment
system
High value
• Urgent payments
• High values
• Require timely
settlement
• Interbank payments
• System risk could
cause problems to
financial stability
Retail payments
• Low urgency
• Relatively low value
• Customers
payments
• Everyday payments
• Limited risk
8. National Institutional Facilitation Technologies
(NIFT)
NIFT is a joint venture between a consortium of
six major banks and private sector.
Responsible for the establishment and
management of automated clearinghouse
facilities in Pakistan
Cheque clearing activities are executed at NIFT
centres
Automation of clearing operations were started
from first centre at Karachi in 1996
Now services are available in 27 cities
Coverage to 318 towns
8584 branches
9. Clearing Services offered
Overnight clearing Including Return Cheque
Processing (24 hour Clearing Cycle)
Same Day / High Value Clearing (3 hour Clearing
Cycle)
Inter City clearing (48 hour Clearing Cycle)
Countrywide Local US Dollar Clearing (5 day
Clearing Cycle
10. Clearing services
Procedure for membership
After opening current account banks can apply for
membership of clearing house
Bank will submit application duly proposed by two
members
Rs200,000/ will be a membership fee
Sub membership Rs.50,000/
Rs.20,000/ will be recovered as a service charges
in case of new scheduling of a bank as a result of
amalgamation/merger
11. Banks will submit following documents:
Copy of licence
Original Certificate of Incorporation
Original certificate of commencement of
business.
Certificate about paid up capital
12. Volume of cheques handled by NIFT
Clearing
cycle
instruments
Normal clearing 67,200,508
Same Day
Clearing
854,875
Inter City
clearing
3,557,236
Dollar clearing 18,960
Total 71,631,579
