PAYMENT SYSTEM REFORM

Retail Payment System

Automated Check Clearance Market Research Process

 

July 31, 2000 was the deadline for submitting information regarding the market research process for the Automated Check Clearance and other payment methods in Venezuela.

We would like to thank all domestic and foreign companies that submitted projects to the Banco Central de Venezuela as well as those that provided information on existing solutions in the market.

All information submitted shall be for the exclusive use of the Banco Central de Venezuela and shall be considered confidential.

Caracas, August 4, 2000

 

MARKET RESEARCH

CURRENT CLEARING HOUSE SCHEME

 

Legal Aspects

Banco Central de Venezuela Act, Article 21, Ordinal 23

• Obligations of the Board of Directors

"Establish clearing house rules and regulations. The Banco Central de Venezuela shall be the governing body for all matters related herewith and, as such, shall oversee, supervise and regulate clearing house operations.

If necessary, the Banco Central de Venezuela may delegate the operation of clearing houses throughout the country to commercial banks. In such cases, said banks shall inform the Banco Central de Venezuela every twenty-four (24) hours of clearing house movements on the previous day. The clearing houses shall be conceived, structured and operated with a view to serving the public in the most efficient way.

Central Bank Resolution Nº 96-08-01
Regulation of Clearing House System

Capability

• Deferred net multilateral settlement system.
• T+2 final settlement. Checks drawn on locations different from the ones where the settlement takes place may take longer.
• Checks are not returned to the client, they are filed after payment.
• There are 49 clearing houses located throughout the country.
• The main Clearing House is run by the BCV; it covers the Metropolitan Area of Caracas and performs the final close of all other clearing houses.
• The BCV operates the Maracaibo Clearing House.
• Clearing banks operate clearing houses in 47 locations.

 

Phases in the Clearance Cycle – Banco Central de Venezuela

a. Physical exchange of checks:

• The physical exchange of checks between the two clearing houses operated by the BCV shall be carried out in accordance with Resolution #96-08-01 dated August 29, 1996.
• First Clearing House
• Caracas: Two exchanges are carried out.
• Maracaibo: Only one exchange is carried out.

• Second Clearing House: Only one exchange is carried out.

b. Clearance phase:

• First Clearance

• Schedule: Banking days between 7:00 a.m. and 7:30 a.m.

• Second Clearance

• Schedule: Banking days between 2:30 p.m. and 3:00 p.m.

Process

• Clearing house members submit the following information to the BCV, duly signed by the authorized legal representatives:

• Special Clearance Form
• Clearance Information Submittal Form
• Two labeled diskettes with clearance information

• The BCV receives and validates the information.
• The BCV gives the member institution a copy of the following documents, duly validated by authorized officials:

• Special Clearance Form
• Clearance Information Submittal Form
• The Banco Central de Venezuela determines the net bilateral position and multilateral position for each institution.

c. Settlement phase:

• The BCV determines daily balances for each member institution (net multilateral and bilateral balances).
• The BCV settles checks through checking accounts held by each member institution at the BCV.

Clearing Houses authorized by the Banco Central de Venezuela – Clearing Banks

• Checks are physically exchanged at the main offices of each Clearing Bank at each location.
• Clearing Banks at each location determine daily balances for each member institution (net multilateral and bilateral balances).
• Each member institution shall have a special checking account at the Clearing Bank for settlement purposes.
• For the close, debit and credit notes corresponding to each financial institution are duly registered; then they are wired to the Clearing Bank’s main office in Caracas which, working together with BCV’s Caracas Clearing House, makes the settlement by issuing checks in favor of or against the Clearing Bank.
• Final payments are made on the following day. The Banco Central de Venezuela makes the settlement by crediting or debiting the accounts of each member institution.

Clearing House Statistics