BORICA payment system
BORICA is a payment system with settlement finality that processes card-related payment transactions and performs net settlement at a designated time in TARGET (the European Central Bank’s real-time gross settlement system). Through it, the settlement of interbank card payments within the country is carried out.
Settlement of interbank financial transactions via TARGET includes:
- Processing the received information on executed interbank transactions;
- Charging interbank fees for the performed operations;
- Recalculating mutual obligations of banks on a multilateral basis;
- Preparing the settlement request based on the recalculated net positions of the participants;
- Sending the settlement request to TARGET;
- Receiving the result from TARGET;
- Providing the TARGET result to the banks.
BORICA accepts transaction files for settlement 24 hours a day, 7 days a week. Settlement of the transaction files accepted by BORICA is carried out via TARGET twice a day on business days – at 09:30 and 14:00. Information on the settlement result is sent to the recipient banks only upon successful completion of settlement at the Bulgarian National Bank.
The system’s operating rules have been developed in accordance with the requirements of the Payment Services and Payment Systems Act. The settlement agent for BORICA is the Bulgarian National Bank.
