| Publisher | Microsoft | ||
|---|---|---|---|
| Format | WORD | Date added | 10 Jul 2006 |
| Topics | Application Servers, Business Management | ||
| Downloads | 16 | ||
In 2003, Serbia's payment system underwent a transformation. The National Payment System Services (SDK) was dissolved, and payment system services were assigned to individual banks. The Association of Serbian Banks (ASB) needed to organise automatic gyro clearing of cheques. To automate the process, the ASB introduced a clearing system based on a service-oriented architecture, using Microsoft BizTalk Server 2004 and Microsoft BizTalk Accelerator for SWIFT. Using the new solution, all elements necessary for cheque processing transactions are contained within the central clearing system; therefore, banks are able to process billing on the same day the transaction occurs. As a result, gyro clearing of cheques has been cut from two weeks to less than one hour, improving market liquidity and bringing substantial efficiency gains to the market.
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