Interbank Clearing and Settlement
Started on March 7, 1995, clearing for paper-based transactions -- check, interbank transfers and the like -- is a net settlement system that includes participation of the following entities:
• Banco de Cabo Verde (BCV), as participant and settlement agent;
• Credit institutions authorized to operate in the country;
• The Treasury.
Operating with a single settlement system at the national level, through the handling of demand deposit accounts at BCV, it includes two Regional Centers for Physical Exchange of Documents (S. Vicente and Sal) in the structure of the Clearing House, which is based at the Bank’s headquarters, in Praia.
The rules and operating procedures to be followed by participants regarding types of transactions, entities with access to the system, operating hours, the way to present documents, deadlines for return of documents, and the way balances are processed, are stipulated in the new regulation, which was published as a Technical Instruction by Circular Letter No. 102, of March 30, 2001.
Financial Settlement of Other Transactions
With the development of a payment system in Cape Verde, which translated into the emergence of new institutions in the financial market, during the year 2000 Banco de Cabo Verde took on the role of settlement agent for Vinti4 Network and Stock Exchange transactions.
Thus, besides traditional clearing, the current regulation of the SICIL includes two other subsystems:
• The subsystem of transactions made on the Vinti4 network, including ATM withdrawals and payments through automated payment terminals, in which clearing is provided by the Interbank Company and Payment Systems through cross-validation of all transctions made on the day;
• The subsystem of transactions made in the ordinary sessions of the Stock Exchange, on any securities, regardless of their form of representation and nature.