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BORICA is a payment system with settlement finality, processing card-based payment operations that perform net settlement at a predefined time in RINGS (Real-time Interbank Gross Settlement System owned by the BNB). It executes settlement of interbank payments with payment cards on the territory of the country.

Settlement via RINGS of interbank financial transactions includes:

  • Processing of the received information for executed interbank transactions;
  • Charging interbank fees for the executed operations;
  • Recalculating on a multilateral basis the mutual obligations of bank;
  • Preparation of the request for settlement based on the recalculated net positions of the participants;
  • Sending the request for settlement to RINGS;
  • Receiving the result from RINGS;
  • Providing the result from RINGS to the banks.

BORICA accepts settlement transaction files 24 hours a day, 7 days a week. Settlement of the transaction files, accepted by BORICA is executed by the use of RINGS two times a day on business days – at 09:30 h and at 14:00 h. Information about the settlement results is sent to the banks-receivers of the amounts only in case of a successfully concluded settlement in the BNB.

Operation rules have been developed in compliance with the requirements of the Law on Payment Services and Payment Systems. Settlement agent of BORICA is the Bulgarian National Bank.

Documents related to BORICA: 

1. Schedule of the operation of BORICA with the Real-time Interbank Gross Settlement System RINGS

2. List of banks issuing and managing bank cards



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