National Payment System

Definition of the Core Banking System :

It is an integrated banking system including electronic banking covering individuals and companies.

Benefits of using core banking system : –

Supporting accounts in different currencies. Supporting multiple means of communication and payment (Multi channel) ATM, POS, telephone banking and Internet banking services. -Centralized databases of customers and accounts which enable banks to issue their financial positions on a daily level at all branches. -Enable Libyan banks to apply standards, policies, credit risk control, and fight money laundering more effectively. -Facilitate 24 hour banking services. Enable customers to access accounts at any bank branch. -Communication back bone for the national payment systems including Electronic clearing system, ATM, and POS system. -An immediate clearing instrument settlement system. -Supports direct communication with the SWIFT system. Supports the service of payment for utility bills automatically. Supports short message service(SMS). Supports banking services via the internet(Internet banking) “has not been implemented yet”. Currently there are 4 participating banks within the system. Gumhouria Bank , National Commercial Bank , Wahda Bank , North Africa Commercial Bank.

The automatic processing of cheques This system works on inter-bank cheques clearing via electronic scanning, digital files and the uploading of operations to the Automated Clearing House (ACH) system, allowing the settlement of cheques to be completed safely and with ease. – To reduce the risk in commercial activities and payments. – Facilitate the means of grants, loan administration and project allocations. – Speed ​​up the disbursement of pensions, grants, allowances and loans. – Facilitate the preparation of national budgets of the sectors. – Enable the Central Bank to monitor services and accounts. – Allow individuals, companies and public bodies to collect service charges automatically.

Participating banks in the system:

Central Bank of LibyaBank of the RepublicSahara BankNational Commercial Bank Bank unitBank of North AfricaBank OasisBank SecurityFirst Gulf Libyan BankAgricultural BankSavings Bank and real estate investment Trade and Development BankAl-banking and financial servicesBank SerailUnited Bank for Trade and Investment Libyan Foreign Bank .

Libya’s national bank Company that executed the project:

NCR Corporation The Central Bank of Libya (CBL) offers banks the access to the agreement, allowing subscription to the system. In the case there is a desire to register in the system; banks are welcome to contact the Information and Technology Department in the CBL. Note that this system is a mandatory requirement to all operating banks. Automated Cleaning House The electronic payment system is used for implementing and processing low amount and high volume transfers(fewer than 10,000 LYD) for example transfers such as salaries, electricity bills, etc. Net transaction settlement to the Real Time Gross Settlement system occurs twice per business day, first at 11 am and the second at 1:30 pm that is settle between commercial banks. The ACH system started on 17th August 2008.

The Advantages Of ACH : –

Reduce costs and time using electronic services . – Reduce the risk in commercial activities and payments . – Facilitate the means of grants, loan administration and project allocations . – Speed up the disbursement of pensions and grants, allowances and loans . – Facilitate the preparation of national budgets of the sectors . – Enable the Central Bank to monitor the services and accounts . – Allow individuals, companies and public bodies to collect service charges automatically .

The participating banks :

Central Bank of LibyaAl-jomhoria BankAl-Sahara BankNational Commercial BankAl-wehda BankNorth Africa BankWaha BankAl-Aman BankFirst Gulf Libyan BankAl- Eddekhar BankTrade and Development BankForeign exchange and financial services CompanyAl-Saraya BankUnited Bank .

Banks under implementation :

Development BankLibyan Foreign BankAl-wafa BankAlrefi BankAl-Ejmaa’ BankArab Commercial BankMediterranean BankLibya Qatar Bank . Implemented by CMA and AGATHON . To join the ACH System Please contact the Information Technology Department at the central bank of libya, As it is mandatory requirements for all banks that works .. Convention Form