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.
allows Central Banks to send Non-Financial Messages to Member Banks as
well as route Non-Financial Messages between Member Banks.
supports Member Banks which are either Direct Participants, or Indirect
Participants. Indirect Participants will present their instrument through
a Direct Participant.
countries have different clearing zones with varying clearing periods
attached to them. PICS supports multiple clearing zones.
acknowledges files sent by Member Banks.
has an extremely flexible charging module allowing Central Banks to set
up various charges to be collected from Member Banks and invoice them
can interface to a variety of document processors and encoders allowing
Central Banks to compare electronic files with paper items.
operates in the Microsoft Windows environment on which there is a high
availability of qualified personnel across the world.
support both flat files and XML files for both Financial and Non-Financial
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.
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.
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.
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.