User Defined Payment Instruments
PICS allows a Central Bank to set up any type of financial instrument
at any time. Some examples are Cheques, Bills, Drafts, Promissory Notes,
Transfer Orders, Direct Debits etc.
Non-Financial
Messages
PICS
allows Central Banks to send Non-Financial Messages to Member Banks as
well as route Non-Financial Messages between Member Banks.
Direct/Indirect
participants
PICS
supports Member Banks which are either Direct Participants, or Indirect
Participants. Indirect Participants will present their instrument through
a Direct Participant.
Multiple
Clearing Zones
Most
countries have different clearing zones with varying clearing periods
attached to them. PICS supports multiple clearing zones.
File
Acknowledgement
PICS
acknowledges files sent by Member Banks.
Charging
Module
PICS
has an extremely flexible charging module allowing Central Banks to set
up various charges to be collected from Member Banks and invoice them
periodically.
Document
Processor Interface
PICS
can interface to a variety of document processors and encoders allowing
Central Banks to compare electronic files with paper items.
Windows Platform
PICS
operates in the Microsoft Windows environment on which there is a high
availability of qualified personnel across the world.
Multiple
Message Formats
PICS
support both flat files and XML files for both Financial and Non-Financial
Messages.
Encryption
Computer
crimes have now become common. To ensure the Authentication, Integrity,
Non-Repudiation and Confidentiality of files, PICS uses highly secure
encryption techniques which conform to international standards.
Compression
Standard
ASCII files, when compressed, can result in a huge saving in bandwidth
and reliability of transfer. PICS compresses files using a sophisticated
compression technology by up to 95% resulting in fast transfer times.
FTP
Transfer
PICS
has built in FTP capabilities over TCP/IP which allows the transfer files
using Leased Line, Frame Relay, Dial-Up Line, VSAT or the Internet.
Database
Independent
PICS
is database independent allowing Central Banks to choose any RDBMS which
is ANSI SQL compliant. For example, a Central Bank could choose to use
Oracle, Microsoft SQL Server, Borland Interbase etc.
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